Ontario Chamber Reacts to Latest Federal Relief PackageMarch 27, 2020
(Toronto – March 27, 2020) – Today, Rocco Rossi, President & CEO, Ontario Chamber of Commerce released the following statement in reaction to the Government of Canada’s latest relief measures:
“We are pleased to see the Government of Canada continues to listen and adapt to the many measures that we and many other business organizations have been calling for. This health crisis is best confronted by following the science; the economic crisis is best confronted by following the advice of Canadian businesses of all sizes.
“We are encouraged to hear the federal government is making a major increase to the wage subsidy for small- and medium-sized businesses, boosting it to 75 percent, up from the 10 percent previously announced. This increase, as well as backdating support to March 15, will help businesses keep their lights on and their workers on payroll. We look forward to more information on this measure soon.
“Deferral of import, GST and HST payments are also helpful measures to support business. An additional $12.5 billion is being made available through federal programs to help with operational cash flow requirements, and HST and GST payments are being deferred until June, giving businesses more time to make their payments. This will help many who are struggling to stay afloat.
“A special emergency business account for small businesses that will see banks offer $40,000 government-guaranteed loans interest-free for the first year is a very good approach to get money into the hands of businesses quickly. Right now, increased cash flow and liquidity are essential for small and medium-sized businesses.
“Small businesses are the backbone of our economy and we thank the government for stepping up to support them.”
About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the non-partisan, indispensable partner of Ontario business. The OCC’s mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of its network’s diverse 60,000 members.
For more information, please contact:
Vice President, Public Affairs
Ontario Chamber of Commerce
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