Canadian Securities Exchange Statement on Federal Government’s Announcement of Enhanced Wage Subsidies and Interest-Free Loans to Support Small and Medium-Sized Businesses
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Canadian Securities Exchange Statement on Federal Government’s Announcement of Enhanced Wage Subsidies and Interest-Free Loans to Support Small and Medium-Sized Businesses
March 27, 2020 – Toronto, ON – The Canadian Securities Exchange (“CSE” or “the Exchange”) today issued the following statement on the Government of Canada’s announcement of enhanced wage subsidies and guaranteed interest-free loans for small and medium-sized enterprises (“SMEs”):
“The Canadian Securities Exchange congratulates the federal government for taking further strong measures to support Canada’s economy during the COVID-19 pandemic. By increasing the previously-announced wage subsidy for SMEs from 10% to 75%, and offering qualifying companies with loans of up to $40,000 that are interest-free for the first year, the government is providing unprecedented support for these Canadian businesses, helping them keep their workers employed during this difficult period and preventing severe job losses.
“The Canadian Securities Exchange congratulates the federal government for taking further strong measures to support Canada’s economy during the COVID-19 pandemic. By increasing the previously-announced wage subsidy for SMEs from 10% to 75%, and offering qualifying companies with loans of up to $40,000 that are interest-free for the first year, the government is providing unprecedented support for these Canadian businesses, helping them keep their workers employed during this difficult period and preventing severe job losses.
As the CSE noted in its news release dated March 23, 2020, it is unfair to deny this critical relief to the hundreds of public companies whose shares are listed on the CSE and other domestic stock exchanges. These companies are facing the same pressures as their privately-held counterparts, and the potential for substantial layoffs is equally high in both groups.
The CSE urges the federal government to ensure that all SMEs receive equal access to the wage subsidies and interest-free loans. That is the best way to protect jobs during this ongoing crisis.”
Contact:
Richard Carleton, CEO
416-367-7360
