As COVID-19 downturn hits, businesses plead for more wage subsidies and deferred regulations

Canadian business organizations are pleading for more help as they confront an unprecedented economic downturn caused by the COVID-19 outbreak.

With a government-imposed shutdown keeping people out of retail stores and restaurants, the economy needs to be put on life support to keep businesses alive and ready to spring back to life when the COVID-19 crisis subsides, Beatty said. “It’s multiple sectors. We’re looking at the airline sector, we’re looking at the hospitality sector writ large, which is facing enormous challenges,” said Morneau. “In terms of when we’ll have more to say? It will be in the very near term.”

“My fear is really around the damage that’s being done. If it’s allowed to to continue, it will put at risk and slow, tremendously, the rebound,” said Rossi. The government has also made massive amounts of extra lending capacity available, with $10 billion available for small and medium-sized businesses through the Business Development Bank of Canada and Export Development Canada and $300 billion in extra lending capacity through private banks.

With all the uncertainty in the economy, many businesses will be apprehensive about taking on more debt and some may not even be able to, said Ken Kobly, the president and chief executive officer of the Alberta Chambers of Commerce Business groups have pointed to the United Kingdom and Denmark, where wage subsidies have reached levels as high as 80 per cent of a worker’s salary. But there are some key differences in Canada’s situation and it may be an indication of quirks in the way government’s transfer money to people.

Perhaps this will teach you how to save money for a rainy day next time

When they can't pay rent and pay back loans they'll be evicted like anyone else....

No subsidies. Everyone back to work by Easter. Except sports, concerts and other large events. They can wait. Wash your hands and keep your distance. Stop acting like babies. COVID19 cdnpoli Toronto

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COVID-19: St. Paul’s Hospital adds automated testing system to COVID-19 fightCOVID\u002D19: St. Paul’s Hospital adds automated testing system to COVID\u002D19 fight
Source: VancouverSun - 🏆 49. / 61 Read more »

Provinces tighten freedoms, police get help from citizens in fight against COVID-19Police forces in Canada are getting extra powers, more flexibility and even help from citizens reporting on one another as governments seek to enforce decrees aimed at stopping the spread of COVID-19. CTVAtlantic Here in Nova Scotia Dr. Strang discouraged reporting on those who don't follow the rules & called those who do report 'rats'. Police state? Did u check out Costco in Windsor Ontario this morning. The savages are running wild with no care for there fellowman.. no police enforcing at all
Source: CTVNews - 🏆 1. / 99 Read more »

Memorial Cup, CHL playoffs cancelled because of COVID-19The 2020 Memorial Cup has been added to the list of cancelled sporting events in Canada due to the COVID-19 pandemic, with the Canadian Hockey League calling off the tournament and league playoffs on Monday. What happened to the report of Joyce Milgard?
Source: CTVNews - 🏆 1. / 99 Read more »

CTV National News: Slowing the spread of COVID-19Omar Sachedina reports on the Canadian shift as Trudeau declares it’s time for people to stay home and Ont. and Que. go on lockdown. omarsachedina Wow thanks For the advice but all of Ontario is “essential” unless you are a Costco food sampler omarsachedina Canada is Bankrupted, All Canadian governments are using a weak virus to scam the citizens imo omarsachedina Not to mention most of those returns had no health insurance. Where would you rather be? Had nothing to do with Trudeau or those left behind would not be stranded.
Source: CTVNews - 🏆 1. / 99 Read more »

Ryan Reynolds Answers Justin Trudeau’s Call To Spread COVID-19 AwarenessSeth Rogen and other Canadian celebs are stepping up to help 'plank the curve.' Well Ontario barely closed anything so i guess the spread will continue I am moved moved by words from regular people. People who have no job/income by staying home. People who are really making a sacrifice, not celebrities and rich politicians. Great.
Source: HuffPostCanada - 🏆 61. / 53 Read more »