The Canadian government has been supporting struggling businesses during the pandemic with over $37 billion in aid. The aid was provided through the Canada Emergency Wage Subsidy (CEWS), which was created to help businesses pay their employees during the pandemic.
The CEWS has been a vital source of support for businesses that have been struggling due to the pandemic. The subsidy was extended multiple times, with the most recent extension running until June 2023. Businesses that have experienced a decline in revenue due to the pandemic are eligible for the subsidy, which covers a portion of their employees’ wages.
However, there has been some controversy surrounding the aid, with reports of some large corporations receiving the subsidy despite paying out dividends and engaging in share buybacks. A report by the Canadian Centre for Policy Alternatives found that some of Canada’s largest companies had received billions of dollars in CEWS while continuing to pay out dividends and buy back shares.
Despite this controversy, the CEWS has been a lifeline for many businesses. The Canadian government has also provided additional support through other programs, such as the Canada Emergency Rent Subsidy and the Canada Recovery Hiring Program.
The government’s support plan was unveiled in 2020 as a replacement for the Canada Emergency Response Benefit (CERB). The CERB was a temporary program that provided financial support to Canadians who were out of work due to the pandemic. The CEWS and other support programs were created to help businesses and individuals who were struggling financially due to the pandemic.
The aid provided by the Canadian government has been crucial in helping businesses stay afloat during the pandemic. The government’s support plan has been a lifeline for many businesses, providing much-needed financial assistance during a challenging time. While there has been some controversy surrounding the aid, the CEWS and other support programs have been a vital source of support for Canadian businesses and workers.