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New support for Canadian businesses hit by COVID-19

Updated: Mar 24, 2021


Government of Canada
While some parts of the economy are recovering, others continue to struggle with reduced revenues, increased costs and uncertainty because of COVID-19. PHOTO: ImageCollab

The Government of Canada has taken action to help Canadian businesses affected by the global COVID-19 pandemic from helping keep employees on the job to increasing cash flow and providing support to help pay rent. Chrystia Freeland, deputy prime minister and finance minister of Canada, announced the government’s intention to introduce new, targeted support to help hard-hit businesses and other organizations experiencing a drop in revenue on 9 October.

Freeland says while some parts of the economy are recovering, others continue to struggle with reduced revenues, increased costs and uncertainty because of COVID-19. She says the government plans to introduce legislation to provide support that would help these businesses safely get through the second wave of the virus and winter, cover costs so they can continue to serve their communities and be positioned for a strong recovery.

“Canadian businesses and workers have shown resilience in adapting to challenges posed by the global pandemic. With the country now in