Understanding economic measures in relation with Covid-19

by Bonjour Startup Montréal
16 March 2020

This page aims to gather all information related to measures taken by various government bodies to ensure economic resilience in relation with the coronavirus disease (COVID-19). As the situation evolves, we will update this section to make sure that the startup community can find as many answers as possible to questions and concerns. 

Federal government

  • Enhancements to the Work-Sharing Program at an estimated cost of $12 million to help employers who are experiencing a downturn in business due to COVID-19, and their workers.
  • Launch of a $10 billion credit programme to help Canadian companies impacted by COVID-19. This programme will be handled by two organizations that report to the federal government: the Business Development Bank of Canada and Export Development Canada.
  • Bank of Canada slashes policy rate from 1.25% to 0.75% in surprise cut to facilitate access to credit
  • Waive on the one-week waiting period for people who are in quarantine or have been directed to self-isolate and are claiming for Employment Insurance (EI) sickness benefits, at an estimated cost of $5 million.
  • Exportation and Development Canada (EDC), in relation with the federal government and Canadian banks will make sure that its corporate clients facing economic issues related to COVID-19 can get access to financing. A toll-free phone line has been launched (1-800-229-0575) to answer any questions related to the pandemic. For an online request: https://www.edc.ca/en/form/inquiry.html

Provincial Government

  • Temporary Aid for Workers Program: This program offers financial assistance to meet the needs of workers who, because they are in isolation to counter the propagation of the COVID-19 virus, cannot earn all of their work income and are not eligible for another financial assistance program (including federal assistance programs). Workers who can benefit from this program are Quebec residents in isolation for one of these reasons: they have contracted the virus or present symptoms, they have been in contact with an infected person, they are coming back from abroad. Workers will be eligible if they are not receiving compensation from governmental programs including Employment Insurance. The lump-sum amount granted to an eligible person is $573 per week, for a period of 14 days of isolation.

Useful links (in French)

Fédéral

Provincial

Autres Ressources et Guides

#covid-19 Channel

The #COVID-19 channel on Bonjour Startup Montréal’s  slack allows to share your concerns and best practices in relation with the economic impact of COVID-19

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