COVID-19 Relief - Highly Affected Sectors Credit Availability
Program (HASCAP) Guarantee
The grim one year anniversary of the COVID-19 pandemic in Canada
has highlighted that many businesses across the country continue to
struggle financially. Two Federal assistance programs, the
Canada Emergency Wage Subsidy (CEWS) and the
Canada Emergency Rent Subsidy (CERS) have helped by giving
out a combined total of over $77 billion in subsidies, but it is
not enough for many small and medium-sized
businesses.
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The CEWS was announced nearly a year ago to prevent job loss by
encouraging employers to maintain or re-hire workers previously
laid off via wage subsidies based on revenue
Though it got only a few lines in the hundreds of pages that made up Budget 2021, the federal government's commitment to open talks on changing Canada's "criminal rate of interest" has anti-poverty activists bracing for a battle with high-interest lenders.
iPolitics By Jolson Lim. Published on May 5, 2021 2:04pm Parliament Hill pictured on Jan. 15 (Jolson Lim/iPolitics)
Ottawa’s stimulus plan could be “mis-calibrated” if the focus is solely on returning Canada’s labour market to pre-pandemic levels, Canada’s spending watchdog reiterated in a new report published Wednesday.
Parliamentary budget officer (PBO) Yves Giroux has held that view since Finance Minister Chrystia Freeland announced a plan to spend between $70 and $100 billion to kickstart the economy in last November’s fall economic statement.
The three-year stimulus plan would be informed by “fiscal guardrails” labour-market indicators such as total hours worked that are meant to determine the scope and scale of spending.
/CNW/ - In response to the devastating humanitarian crisis in India, TD today announced a donation of $250,000 through the Canadian Red Cross COVID-19 Global.
On April 11, 2020,
Income Tax Act.
The Subsidy is designed to enable employers to keep employees on payroll, to enable employers to re-hire workers that were previously laid off, and to help employers hire new workers during the COVID-19 pandemic.
The Subsidy was initially in place for a 24-week period from March 15 to August 29, 2020. However, on July 27, 2020, Bill C-20 - An Act respecting further COVID-19 measures, received royal assent, which extended the Subsidy to November 21, 2020, and gave the Government the ability to extend the Subsidy to December 31, 2020, by regulation.
On November 19, 2020, Bill C-9 - An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy) received royal assent, which provided that the CEWS could be extended by regulation until June 30, 2020.