Teleconference of Federal, Provincial and Territorial Finance Ministers

News Release – Teleconference of Federal, Provincial and Territorial Finance Ministers

Deputy Prime Minister and Finance Minister provides provincial and territorial counterparts with COVID-19 response update

October 9, 2020 - Ottawa, Ontario - Department of Finance Canada

Today, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, held her third biweekly teleconference with provincial and territorial Finance Ministers.

The Deputy Prime Minister discussed the impacts of the second wave of the virus and reaffirmed the federal government's commitment to supporting Canadians and Canadian businesses as provinces and territories work to keep Canadians safe. This included discussion of targeted support measures announced today to help the country stay strong through the second wave and the winter, including:

The new Canada Emergency Rent Subsidy, which would provide targeted support directly to businesses impacted by the pandemic, covering up to 65 per cent of eligible costs;

A top-up Canada Emergency Rent Subsidy of 25 per cent for businesses that have to temporarily shut down because of a mandatory public health order, meaning up to 90 per cent of rent would be covered;

An extension of the wage subsidy at the current rate through to December 2020; and

An expansion of the Canada Emergency Business Account by an additional $20,000, with up to half forgivable if paid back by December 2021, based on need.

The Deputy Prime Minister again stressed the importance of a unified, collaborative approach among all orders of government as Canadians continue to grapple with the public health, social and economic challenges of the COVID-19 pandemic.

Media may contact:

Katherine Cuplinskas
Press Secretary
Deputy Prime Minister's Office

Media Relations
Department of Finance Canada

General enquiries

Phone: 613-369-3710
Facsimile: 613-369-4065
TTY: 613-369-3230