CME applauds federal measures to help small businesses
OTTAWA (March 27, 2020) – CME welcomes the new measures announced today to help manufacturers stay in business throughout the COVID-19 crisis. “We are pleased the government adopted some of our recommendations and developed measures that will keep Canadians employed, help small businesses stay afloat.” said Dennis Darby, President & CEO of Canadian Manufacturers & Exporters. “Specifically, deferring the remittance of the HST will help manufacturers keep more cash on hand to deal with the crisis, one of their top concern based on an informal CME survey of members.”
“We are watching for the details of the 75 per cent wage subsidy for SMEs which will help businesses keep Canadians on their payroll and increase cash flow,” added Darby. “However, based on information we have, we are concerned it may not be broad enough. We are calling on the government to make sure these supports are available to all manufacturers, to protect our essential industry.”
Other critical measures to improve business cash flow announced today includes the new Canada Emergency Business Account. Small businesses could access up to $40 000 in zero interest loans.
CME looks forward to working with the government to reduce red tape and making it easier for manufacturers to access critical support available through BDC and EDC which received an additional $ 12.5 billion today.
ABOUT CANADIAN MANUFACTURERS & EXPORTERS
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.
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