The following is the latest information available relating to COVID-19 for April 8, 2020.
Federal Government Update
Prime Minister Justin Trudeau says the federal wage-subsidy program for employers hit by COVID-19 will have looser standards than previously announced.
The wage subsidy was previously going to be available for qualifying businesses that could show a 30% decline in revenue, but that has been further reduced to 15%. To show this revenue reduction, you can compare your March revenue to that of March last year, or the new option to compare to January or February of this year.
Prime Minister Trudeau also reiterated that the CERB program will be further expanded to include more people, including those who have lost a significant portion of their revenue but not all. The details of this are not yet available and Parliament will need to be reconvened to pass the wage-subsidy legislation.
Insurance Bureau of Canada
The Insurance Bureau of Canada has announced that member companies are offering substantial consumer relief measures to help Canadians cope with the financial impact of COVID-19.
For consumers whose driving habits have changed significantly, insurance companies are offering reductions in auto insurance premiums to reflect this reduced risk. Insurers have also supported Canadians and businesses by honouring requests by those most adversely affected to defer payments.
It is recommended that you contact your insurance company to explore flexible payment options if you are facing financial hardship as a result of COVID-19.