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Canadian COVID-19 Update | Tuesday, May 12, 2020

May 12, 2020

TIAC’s Advocacy Update

  • TIAC’s President & CEO participated in a regular call with Associate Deputy Minister of ISED, Paul Thompson, to discuss the state of the visitor economy and strategies to assist in the recovery phase of the COVID-19 crisis.
    • In particular, she emphasized the importance of a coordinated approach to re-opening the economy with the provinces and called upon government to help those efforts given recent announcements from the provinces. 
    • She also enquired as to the status of $675M support through the Regional Development Agencies for small businesses.  This program should roll-out shortly and we encourage industry stakeholders to register as soon as possible. 
  • The President & CEO will also will participate in the COVID-19 webinar hosted by Destination Canada tonight at 6:30pm EST, where the Honourable Minister Melanie Joly will make remarks and answer industry questions. 
  • As mentioned, TIAC is expecting the Canada’s Regional Relief and Recovery Fund to roll out soon. This initiative will be implemented by the six Regional Development Agencies across Canada and the network of Community Futures Development Corporations which are familiar with their regions’ economic realities and are often the first point of contact for businesses at the local level.
    • The $1B in support will help to:
      • mitigate the financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees;
      • support projects by businesses, organizations and communities to prepare now for a successful recovery.
    • Please sign up for program notifications with your RDA today
  • Today, TIAC is releasing data collected from our April survey in coordination with McKinsey and Destination Canada 
  • You can access this information here

In Case You Missed It … 

  •  The government extended access to the Business Credit Availability Program (BCAP) to include larger, medium-sized enterprises; a program for large corporations was also launched – the Large Employer Emergency Financing Facility (LEEFF) which involves bridge financing for corporations facing liquidity challenges due to COVID-19
    • As there are few details on these programs, we will provide details as information becomes available. See more information below under “Government Announcements”

Resources for Businesses 

Government Announcements

  • Today’s announcements focused on Canadian seniors. The government will be providing additional financial support of $2.5 billion for a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS). The measure will give a total of $500 to individuals who are eligible to receive both the OAS and the GIS.
  • The government is also investing an additional $20 million in the New Horizons for Seniors program to support offering community- based programs for isolated seniors to help their quality of life. 
  • Additionally, the government is temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed.
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