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ARTICLE · 27 MARCH 2020

Canada's Economic Response Plan In Response To COVID-19

McCague Borlack LLP
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Canadian businesses of all sizes face financial hardship as a result of the COVID-19 pandemic.

CanadaGovernment, Public Sector
Martin Smith
Martin Smith
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Canadian businesses of all sizes face financial hardship as a result of the COVID-19 pandemic. To support and provide flexibility to these businesses while also sustaining liquidity in key financial markets, the Government of Canada has developed an Economic Response Plan. These measures, set out in the COVID-19 Emergency Response Act, passed into law on March 25, 2020.

Canada's Economic Response Plan includes supporting Canadian businesses through:

  1. the Canada Account;
  2. measures to help businesses keep their employees by avoiding layoffs;
  3. flexibility for businesses filing taxes;
  4. ensuring businesses have access to credit; and
  5. supporting financial market liquidity.

Each of these measures is intended to support Canadian businesses during these challenging economic times.

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