Conservatives Propose to Fast-Track Small Business Wage Subsidy

April 13, 2020 – Conservative Shadow Minister for Small Business and Export Promotion, James Cumming, and Conservative Shadow Minister for Finance, Pierre Poilievre, today announced a practical solution to fast-track rescue aid to small businesses.

The government’s wage subsidy program became law Saturday and the Canada Revenue Agency will only deposit the cash in small business bank accounts in four weeks, well after many will go bankrupt. This means that many businesses will only get their March wage subsidy in May. The United States already paid out 220,000 small business loans and wages subsidies weeks ago.

With a simple fix, small businesses could get the wage money next week. Here’s how:

Let small businesses get their wage subsidy from banks and credit unions next week. Lift the $40,000 limit on the government-backed interest-free Canada Emergency Business Account that banks and credit unions are now delivering, so businesses can borrow the wage subsidy now and pay it back once the Canada Revenue Agency finally deposits it in their accounts in four weeks.

For example: Joe’s business is out of cash because to the COVID-19 shut down. He has work for employees but no cash for wages. The $40,000 Emergency Business Account is only enough to pay his mortgage and suppliers, so there is nothing left for workers. He cannot wait another four weeks.

Solution: the government allows his credit union to front him wage money now to keep his employees working. Joe pays back the credit union when CRA deposits his wage subsidy in four weeks.

Businessman and MP James Cumming, who developed the idea said: “It has been almost a month since the Canadian economy shut down, and businesses have not received a single penny in rescue assistance. Only last week, they were able to begin applying for the small business emergency bank account. Small business owners cannot wait an additional four-weeks for wage subsidy cheques to arrive. Our Conservative proposal gets wages flowing now.”

Poilievre agreed: “There is no more time. Workers need wages and entrepreneurs need cash now. Conservatives have a simple, practical plan to get it to them. Our message to Minister Morneau: ‘do it now.’”

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17 hours ago

David Sweet, M.P.

Let's get outside and enjoy the amazing weather. Celebrate the great weather and the newly opened parts of our community.

Many conservation areas, trails and golf courses have opened up in Flamborough-Glanbrook and the greater Hamilton area over the past couple weeks so get your family outside for a fun activity!
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20 hours ago

David Sweet, M.P.

Met these fine folks at the Symposium in Hannon (Rymal Road East). The owners and staff want you to know the patio is OPEN! Yes we are 2 meters apart for this #FlamGlan ... See MoreSee Less

Met these fine folks at the Symposium in Hannon (Rymal Road East). The owners and staff want you to know the patio is OPEN! Yes we are 2 meters apart for this #FlamGlanImage attachment

Comment on Facebook 14043761823_10157479797751824

The one in Waterdown is open and the patio is amazing as well!

Good to know

Happy Canada Day! Out with the family this Canada Day supporting our local businesses in Flamborough-Glanbrook (this one here in Upper Stoney Creek) and the people they employ! We decided Poutine was appropriate for a Canada Day appetizer. #FlamGlan #hamont 🇨🇦🇨🇦🇨🇦 ... See MoreSee Less

Happy Canada Day! Out with the family this Canada Day supporting our local businesses in Flamborough-Glanbrook (this one here in Upper Stoney Creek) and the people they employ!  We decided Poutine was appropriate for a Canada Day appetizer. #FlamGlan  #HamOnt 🇨🇦🇨🇦🇨🇦Image attachmentImage attachment

Comment on Facebook 14043761823_10157478068706824

Oh that gooey goodness. brings back some fond memories.

Happy Canada Day.

looking great..

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2 days ago

David Sweet, M.P.

Canadians have proven over the last few months that our country has lots to celebrate. Enjoy today with your friends and family but remember to follow the proper health guidelines. Wear masks and keep appropriate distance. Happy Canada Day! 🇨🇦🇨🇦‬ ... See MoreSee Less

Comment on Facebook 10157475900556824

We Do - Thank you for your hard work, dedication, service and care for your constituents and our Country!

Thank you David Sweet and Team for being our voice for the rest of Canada! Happy Canada Day to you! 🇨🇦

Happy Canada Day David! 🇨🇦

Thank you DAvid. 🇨🇦🇨🇦

Happy Csnada Day from Edmonton.

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