The Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, announced that the government has concluded the necessary regulatory changes to raise the maximum wage subsidy rate to 75 per cent for the period beginning Sunday, December 20, 2020, until March 13, 2021. This support will be there for workers and businesses through the tough months ahead as we face the second wave of the COVID-19 pandemic. The wage subsidy will continue to support workers at businesses of every size, across Canada. The government will monitor health and economic conditions to determine details for subsequent periods.
The government is providing support to Canadian workers and Canadian businesses through a suite of broad-based measures, including:
- The new Canada Emergency Rent Subsidy, which provides direct and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID-19. This program provides a rent subsidy of up to 65 per cent directly to eligible tenants and property owners that have suffered a revenue drop.
- Lockdown Support is available to eligible organizations that must significantly restrict their activities under a public health order, providing an additional 25 per cent in rent subsidy support. This means hard-hit businesses can receive up to 90 per cent support for rent.
- The Canada Emergency Business Account provides interest-free, partially forgivable loans to small businesses and not-for-profits that have experienced diminished revenues due to COVID-19 but face ongoing non-deferrable costs.