Canadian COVID-19 Update | Tuesday, March 31
March 31, 2020
- Today, TIAC welcomed news that the government is implementing a key recommendation from the Canadian Airports Council, supported by TIAC in its letter to Minister Morneau, dated March 16: government will be waiving rents for a number of airport authorities across the country. The announcement will apply to 21 airport authorities, with comparable treatment for PortsToronto (operator of Billy Bishop Toronto City Airport), from March until December 2020. This is expected to represent savings of $330 million. We are pleased to see action being taken by government to provide much needed relief to Canadian airports.
- Originally announced yesterday by the Prime Minister, the Canada Emergency Wage Subsidy (CEWS) will subsidize 75% of the first $58,700 of salaries for qualifying businesses from March 15 until June 15. While few details are known at this time, the PM stated that to qualify, businesses will have to show a 30% decline in revenue due to COVID-19.
- Today, we have been anticipating more details concerning the CEWS announced yesterday in an expected press conference with Finance Minister Bill Morneau and Minister of Small Business, Export Promotion and International Trade Mary Ng. At this time, no announcements have been made. TIAC continues to carefully monitor information related to this announcement as it is critical for the industry to understand the mechanics of this important support instrument and how it may impact their businesses. TIAC will provide more details as soon as they become available.
- Government waiving rent for several airport authorities across the country.
- 21 airport authorities will receive rent relief:
- St. John’s International Airport Authority
- Gander International Airport Authority Inc.
- Halifax International Airport Authority
- Charlottetown Airport Authority Inc.
- Saint John Airport Inc.
- Greater Moncton International Airport Authority Inc.
- Fredericton International Airport Authority
- Aéroport de Québec Inc.
- Aéroports de Montréal
- Ottawa Macdonald-Cartier International Airport Authority
- Greater Toronto Airports Authority
- Greater London International Airports Authority
- Thunder Bay International Airports Inc.
- Winnipeg Airports Authority Inc.
- Regina Airport Authority
- Saskatoon Airport Authority
- Edmonton Regional Airports Authority
- Calgary Airport Authority
- Prince George Airport Authority Inc.
- Vancouver International Airport Authority
- Victoria Airport Authority
- As mentioned above, relief will also be provided to PortsToronto (operators of the Billy Bishop Toronto City Airport) who pays an annual charge to Transport Canada based on the revenues it earns under the terms of its letters patent.
- Today, the Prime Minister also announced a $2 billion package to Canadian companies shifting operations to manufacturing much-needed medical equipment, including ventilators, personal protective equipment, medical apparel, and other tools to help the medical community do their job more effectively.