We cannot deny the fact that this pandemic situation has affected businesses across the globe very badly. There are many businesses that are completely treaded by this pandemic situation, and therefore, governments of different countries are taking necessary steps to keep things in good shape. Anyway, here, we will particularly talk about the Government of Canada. We will let you know about the plan that the Government of Canada has taken to aid businesses across the nation in the post-pandemic situation. The government is completely focused on assisting businesses and Canadians through this difficult time. Well, the Government of Canada is taking necessary steps to protect the health of the Canadians. Apart from this, the Government is also supporting businesses and families in order to keep the economy strong in this pandemic situation.
There are many businesses that are suffering from this pandemic situation. Many small businesses are dealing with the deadly consequences caused by this coronavirus. Although the Government of Canada is controlling this pandemic situation very well, those businesses need financial support from the end of the Government. Well, Justin Trudeau, Prime Minister of Canada made an announcement in 2020 regarding the additional measures that were taken to support the small businesses across the nation. These additional measures will help the merchants in diverse ways. First of all, it will protect the jobs of many Canadians. Yes, the merchants will be able to pay the salary of their workers, and apart from this, they will be able to pay bills amid these difficult times.
The Government has committed $107 billion in its COVID-19 Economic Response Plan. It will help Canadians to pay rent, buy groceries and take care of their loved ones. Apart from these, this COVID-19 Economic Response Plan will also help small businesses in various ways.
The Government of Canada has deferred all kinds of taxes such as Harmonized Sales Tax or Goods and Services Tax and customs duties. It is actually equivalent to $30 billion in interest-free loans. As a result, the businesses can pay the bills and they can also pay their employees. It will also improve the cash flow in businesses.
Medium and small-sized industries require additional help to keep the cash flow in good shape and this is why the Government of Canada launched loan facilities for medium and small-sized enterprises. Apart from this, the Government also launched Canada Emergency Business Account. Under this program, many eligible financial institutions will get up to $25 billion so that they can offer interest-free loans to small businesses.
So, this is how Canada outlines plan to aid businesses in the post-pandemic situation.