Following its last special newsletter, Montreal InVivo wishes to continue its work in support of companies by sharing new measures and important information to deal with the specific situation that affects our entire sector. You will therefore receive daily news that we deem relevant.
A message from the Office of the Minister of Small Business, Export Promotion and International Trade
Yesterday, Prime Minister of Canada announced that – as part of the COVID-19 economic response plan, they will provide up to $ 27 billion in direct support to Canadian workers and companies, as well as $ 55 billion to support Canadian businesses and households through tax deferrals. These measures will help businesses have cash, employers keep employees on the payroll, and Canadians keep their jobs.
Here are some of the measures announced yesterday for companies:
- The abolition of payroll tax for three months by granting a 10% wage subsidy to small businesses – which will help maintain employment.
- Help businesses with liquidity by deferring the payment of taxes until August 31.
- Introduce a new Emergency Care Allowance of up to $ 900 per fortnight for 15 weeks for self-employed workers who are not eligible for employment insurance sickness benefits.
This initiative is a continuation of the announcements made at the start of the week to help companies:
- A coordinated approach with the financial sector: reduction of interest rates to 0.75% and increase of the lending capacity of the big banks by 300 billion dollars.
- A $ 10 billion business credit program through BDC and EDC – which means more short-term loans, working capital, and more export credit insurance to support more Canadian businesses.
- Improve the Work Sharing program to help companies pay wages so they don’t have to fire their employees.
For more details on all the measures announced, please consult the Prime Minister’s press release and fact sheet.
For more information:
- Visit the Government of Canada’s website tokeep your employees and your company informed about all support. It will be constantly updated according to the evolution of the COVID-19 crisis.
- Download the Canada Business application to find support adapted to your specific needs and questions on COVID-19.
- Consult the Canadian Chamber of Commerce Pandemic Preparedness Guide to help youget yourbusiness ready in the days and weeks to come.
- Contact your bank. To help businesses gain stability during this time of uncertainty, the Office of the Superintendent of Financial Institutions (OSFI) is reducing the requirement for an internal stability cushion, freeing up additional lending capacity. $ 300 billion for Canadian financial institutions.
News of the sector
Prime Minister announces more support for workers and businesses through Canada’s COVID-19 Economic Response Plan
Canada’s COVID-19 Economic Response Plan
What Canada’s Regional Development Agencies are doing to help business during the COVID-19 pandemic
Health Canada expedites access to COVID-19 diagnostic laboratory test kits and other medical devices.
An emergency order has been signed to help expedite and make the approval of the import and sale of medical devices, necessary for Canada’s response to COVID-19, more flexible, including test kits.
The following screening tests are now available in Canada:
– the CobasMD SARS-CoV-2 diagnostic device from Roche Molecular Systems Inc.; and
– the combined TaqPathTM COVID-19 kit from Thermo Fisher Scientific.
An emergency order is one of the quickest mechanisms available to the Government of Canada to help make health products available to respond to public health emergencies on a larger scale.