COVID-19: Economic Relief Measures Announced to Date

  • The Office of the Superintendent of Financial Institutions (OSFI) announced in a press release on March 13, 2020, that it has taken a number of actions to build resilience of federally regulated financial institutions during the COVID-19 crisis. These measures include:
    • lowering the Domestic Stability Buffer by 1.25% of Risk Weighted Assets, effective immediately;
    • suspending consultation on the minimum qualifying rate for uninsured mortgages; and
    • reviewing its supervisory and regulatory priorities to align with current conditions.

    [54]

Resilience funding stream

Under the new COVID-19 Resilience funding stream, the federal government will pay 80 per cent of the cost for projects that have a value of less than $10 million and can be completed by the end of 2021. Projects in the Territories are eligible for 100 per cent federal funding, and have an extra year to be completed.

Additional information can be found here[55].

Sector-specific relief measures for businesses

  • Agriculture: On March 23, 2020, the Prime Minister announced that the Farm Credit Canada (FCC) has received an enhancement to its capital base that will allow for an additional $5 billion in lending capacity. Initially, the focus will be on assisting the industry in addressing cash flow challenges so that businesses can remain focused on business-critical functions. The FCC is asking existing customers who have financial concerns to contact the organization to discuss alternatives. For more information, see the FCC’s news release of March 23, 2020. To contact the FCC Customer Service Centre, call 1-888-332-3301.[56]

  • On April 13, 2020, the Government of Canada announced a $50 million program to help farmers, fish harvesters, and all food production and processing employers follow the mandatory 14-day isolation period required of all workers arriving from abroad. For more information, see the Government of Canada’s news release of April 13, 2020.[57]

  • On April 14, 2020, the Government of Canada provided $20 million to the Canadian Food Inspection Agency to safeguard Canada’s food supply by supporting critical food inspection services. For more information, see the Government of Canada’s news release of April 14, 2020.[58]

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