Important Update for Halton Hills Chamber Members
The below email includes information relating to:
·         The Government of Canada’s COVID-19 Economic Response plan
·         Support from Canada’s Six largest banks
·         Important benefits offered by Chamber Plan group insurance 
Government of Canada's COVID-19 Economic Response Plan
The Prime Minister, Justin Trudeau, today announced a new set of economic measures to help stabilize the economy. These measures will provide up to $27 billion in direct support to Canadian workers and businesses, plus $55 billion to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy. 

For Business

  • All businesses can defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.
  • Increased credit is available to small, medium, and large Canadian businesses. As announced on March 13, a new Business Credit Availability Program will provide more than $10 billion of additional support to businesses experiencing cash flow challenges through the Business Development Bank of Canada and Export Development Canada.
  • Expansion of Export Development Canada’s ability to provide support to domestic businesses.
  • Provide flexibility on the Canada Account limit, to allow the Government to provide additional support to Canadian businesses, when deemed to be in the national interest, to deal with exceptional circumstances.
  • Launch of an Insured Mortgage Purchase Program to purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation. As announced on March 16, this will provide stable funding to banks and mortgage lenders and support continued lending to Canadian businesses and consumers.

For Workers

  • Boosting the Canada Child Benefit payments
  • Introduction of the Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave.
  • Introduction of an Emergency Support Benefit delivered through the Canada Revenue Agency to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment.
  • Provide additional assistance to individuals and families with low and modest incomes with a special top-up payment under the Goods and Services Tax (GST) credit.
  • Waive, for a minimum of six months, the mandatory one-week waiting period for EI sickness benefits for workers in imposed quarantine or who have been directed to self-isolate, as announced on March 11.
  • Waive the requirement for a medical certificate to access EI sickness benefits.
  • Extend the tax filing deadline for individuals to June 1, and allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
  • Provide eligible small businesses a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer. Employers benefiting from this measure would include corporations eligible for the small business deduction, as well as not-for-profit organisations and charities. 
  • Provide increased flexibility to lenders to defer mortgage payments on homeowner government-insured mortgage loans to borrowers who may be experiencing financial difficulties related to the outbreak. Insurers will permit lenders to allow payment deferral beginning immediately.
Canada's Six Biggest Banks Help Customers Impacted by COVID-19
Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case by case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; child-care disruption due to school closures; or those facing facing illness from COVID-19. 

Update from the Chambers Plan
The Chambers Plan has developed a COVID-19 updates link to provide up-to-date information. Please check back to the link regularly as the document will be constantly updated.

Questions in relation to coverage by (insured) employers and employees should be directed to the plan at [email protected] or call the Customer Service line at 1-800-665-3365. Due to high call volumes, the fastest current response is by email.
 
Below are resources that are available to you with the Chambers Plan coverage:
 
  • Teladoc telemedicine service is available, at no charge, providing medical access to a doctor from your smartphone.
  • Healthy Business Bookmark a full suite of HR resources, is available at www.my-benefits.ca under your Admin Access including templates and letters.
  • Business Assistance Service (BAS) provides 9 hours of legal, accounting and HR advice every calendar year (by phone) to help with issues related to your business and employees


Halton Hills Chamber of Commerce | haltonhillschamber.on.ca