Skip to main content

COVID-19 Economic Update - April 17, 2020

Prime Minister Trudeau provided an update on the economic measures the federal government plans to take to buttress the measures already in place, including the CERB and CEWS.

Arts, Culture, and Sports

The government will be providing $500 million to Heritage Canada to support individuals and organizations experiencing economic hardship due to COVID-19. These funds will be used to provide athletes, artists, and others in the arts/culture/sport sector with wage support. Organizations experiencing cash-flow issues will also be able to receive support.

For a list of the programs offered through Heritage Canada, click here.

Small Businesses

Prime Minister Trudeau announced that the government would be providing $962 million to the country's regional development agencies and the Community Futures Network of Canada to support these organizations. Although specifics were not provided, the Prime Minister stated that these funds will be used at least in part to help rural businesses.

The Prime Minister also announced a $270 million investment to futurpreneur Canada to assist start ups that need assistance and do not qualify for the wage subsidies already available.

Energy Sector

Finally, the Prime Minister announced various aid packages for the oil and energy sector. These measures will impact businesses in these sectors in Alberta, Saskatchewan, British Columbia, and Newfoundland and Labrador.

The federal government will be making investments to help clean orphan wells in Alberta, Saskatchewan, and British Columbia. They will also be creating a $750 million emission reduction fund to focus on reducing methane emissions in particular. Approximately $75 million of this $750 million will be earmarked for offshore enterprises in Newfoundland and Labrador. The government estimates that these measures will help to maintain about 10,000 jobs nation-wide in the energy sector.

The government is also working with the Business Development Bank of Canada and Export Development Canada to provide credit support for medium-sized energy groups.

Note: while this blog and the information above provides general information, it does not constitute legal advice. The best way to get guidance on your specific legal issue is to contact a lawyer. For more information about the CEWS and CERB, or if you have any other questions regarding your legal issue, please contact our office for a consultation with one of our lawyers.

Labels

Labels:

Popular posts from this blog

To Evict or Get Vacant Possession? That is the Question

The Ontario Court of Appeal's decision in Van Decker Estate v Van Decker , 2022 ONCA 712 serves as a reminder that not every type of eviction case is restricted to a hearing in the Landlord and Tenant Board ("LTB").  In that case, an estate trustee brought a motion for directions after one of the estate's beneficiaries and his spouse refused to vacate a property the deceased owned at the time of his death. The motions judge had granted the estate trustee's request for an order declaring that the property's occupants were not tenants of and had no interest in the property, that they vacate the property, and that they pay occupation rent arrears at fair market value to the estate. Although not framed in this way, the estate trustee essentially sought what is commonly referred to as an order for vacant possession of the house. At first glance, it may seem as though the LTB should have determined the issues in this case, but the Superior Court of Justice has juri...
Read more

CEWS Extended to December 2020

An Act Respecting further COVID-19 Measures received Royal Assent on July 27, 2020. This Act in part extends the Canada Emergency Wage Subsidy (CEWS). As outlined in a press release also published on July 27, the this legislation: Changes the CEWS eligibility threshold so that certain employers who cannot meet the 30% revenue loss test, but who are still struggling, can receive the benefit; Adds a top-up to the subsidy of an additional 25% for employers that have been most adversely affected by COVID-19; and Suspends some of the limitation periods applicable to civil and other non-criminal Federal Court proceedings, previously introduced in Bill C-17 . The government has posted an updated CEWS calculator to help employers calculate the subsidy amount for the new qualifying periods of: June 7, 2020 to July 4, 2020; July 5, 2020 to August 1, 2020 (Claim Period 5); August 2, 20202 to August 29, 2020 (Claim Period 6); August 30, 2020 to September 26, 2020 (Claim Period 7); September 27, ...
Read more

Canada Emergency Student Benefit Update

New regulations under the Canada Emergency Student Benefit Act were recently published which apply retroactively to May 10, 2020. These regulations provide some clarity about the CESB application period, eligibility, the benefit amount, and the benefit duration. For more information about the CESB, including more information about eligibility, please see our previous blog post on this subject . The CESB application is available through the CRA My Account online portal. Students who want to apply should visit the government's information web-page to determine when to apply. Application Period The relevant application period depends on a few factors. Nothing has changed for students enrolled in a post-secondary program between December 31, 2019 and August 31, 2020: such individuals can still apply for the benefit for the period of May 10, 2020 until August 29, 2020. However, the application period for students graduating from secondary school who will commence a post-second...
Read more