The COVID-19 pandemic has brought economic uncertainty for many Canadians, as businesses are forced to shut down and millions of people have lost their jobs. In response to this crisis, the Canadian government has implemented various financial support measures to help individuals and businesses stay afloat during these challenging times.
One of the key support measures is the Canada Emergency Response Benefit (CERB), which provides temporary income support of $2,000 every four weeks for up to 28 weeks to eligible individuals who have lost their income due to COVID-19. This has helped millions of Canadians cover their basic needs and provided them with some security during the pandemic. The government has also introduced the Canada Emergency Wage Subsidy (CEWS) to help businesses keep their employees on payroll. Under this program, eligible employers can receive a subsidy of up to 75% of their employees’ wages, providing them with the support needed to continue operating.
Additionally, the government has introduced other measures such as the Canada Emergency Business Account (CEBA) which provides interest-free loans of up to $40,000 to small businesses. There is also the Canada Emergency Commercial Rent Assistance (CECRA) which assists small businesses in paying their commercial rent. These measures, in combination with other supports such as mortgage deferrals and student loan relief, have helped Canadians navigate through these uncertain times.