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Results: 46 - 60 of 71
View Mona Fortier Profile
Lib. (ON)
Since the beginning of the COVID-19 pandemic, we have been listening and responding to small businesses and entrepreneurs across the country.
In fact, we have even announced the expansion of the program's eligibility criteria to include many owner-managed small businesses with payrolls of less than $20,000. The new criteria have forced financial institutions to adapt to be able to provide this program to new applicants.
We are working around the clock to ensure that we are able to promptly provide small businesses across the country with the assistance they need.
View Joël Godin Profile
CPC (QC)
Mr. Chair, on May 19, the Prime Minister announced during his daily press conference that his government would take additional measures to help businesses that still needed assistance. The Prime Minister said that he would expand the Canada emergency business account, or CEBA, to include family-ownded SMEs that prefer dividend income over salary income.
More than two weeks after his announcement, SMEs are still waiting for this promise to be fulfilled. I'd like to remind the government that this isn't an election campaign. We're in a crisis, and urgent action is needed.
When will the program be fixed?
View Mary Ng Profile
Lib. (ON)
Mr. Chair, I thank the honourable member for that really important question. Indeed, those small businesses he has described are very important to our country.
As of now, over 650,000 small businesses have accessed the Canada emergency business account. The member is absolutely right that we need to make sure that additional support is provided to those additional businesses that now qualify. We're working very hard to make sure that support is there for businesses, and very soon they will be able to get that support through their financial institutions.
View James Cumming Profile
CPC (AB)
Thank you, Madam Minister, for being here today.
I want to see if you can give me an answer to a question that I've been asking related to the CEBA program and the changes that have been made so that entrepreneurs who are sole proprietors or get paid through dividends can realize on these loans.
When will this be available? They need some certainty. When will this program actually be available for them?
View Mona Fortier Profile
Lib. (ON)
As we have said since the beginning, we have been listening to small businesses and entrepreneurs across the country and we are responding to them. We announced earlier—two weeks ago—an expansion to the eligibility criteria for the CEBA to include many owner-operated small businesses. We will continue to work on potential solutions to help business owners and entrepreneurs who operate through their personal bank accounts or who have yet to file their tax returns, such as newly created businesses.
Thank you very much for sharing that concern that you have.
View James Cumming Profile
CPC (AB)
Unfortunately, “lots” is not an answer for the businesses that I'm trying to talk to.
Can you tell me, for the CEBA changes that were recently announced, when will we be able to see people who have income through a dividend able to apply?
View Mary Ng Profile
Lib. (ON)
That's a very important question, Mr. Chair.
There's nothing more important to me and to our government than getting these supports out to businesses. Those small businesses that will meet the expanded CEBA criteria are working very diligently with the financial institutions to make sure that they can get access to those loans as quickly as possible.
Evan Siddall
View Evan Siddall Profile
Evan Siddall
2020-05-19 15:45
We actually don't expect to absorb our capital. We have a range of stress-testing scenarios that we run, as you will recall, and based on current forecasts, we have sufficient capital on hand. We had a $2-billion dividend that we were scheduled to pay to the Government of Canada. We have decided to withhold that liquidity in order to cover claims.
Amazingly, notwithstanding these numbers, they are forecasted to recover. Even when they're under water, Canadians do a very good job of paying their mortgages, so our loss forecasts are not extreme.
View Marty Morantz Profile
CPC (MB)
With regard to the $2-billion dividend, is that an annual thing? Do you give a dividend every year, or is it unusual?
Evan Siddall
View Evan Siddall Profile
Evan Siddall
2020-05-19 16:29
It's unusual, or it used to be unusual. Over the last 10 years, we've earned about $17 billion of profit that goes to reduce the deficit. That's incorporated into the federal government accounts. Off to the side, we accumulate cash, and if that cash doesn't go back to the government, we'd sit on the cash and invest it. That's dumb, because it can be used to repay debt, so we paid a special dividend—someone will correct me—two years ago, I think, of $4 billion. Maybe it was last year. We were scheduled to pay another $2 billion. In addition to that, we pay a regular dividend, and that's basically just to make sure the money goes to retiring debt instead of sitting in my pockets, if you will.
View Marty Morantz Profile
CPC (MB)
The government would have received a $2-billion dividend, and you've maintained that instead of keeping it for liquidity purposes.
Mr. Evan Siddall: That's correct.
Mr. Marty Morantz: Mr. Chair, I have just one other quick one, if I might.
View Pat Kelly Profile
CPC (AB)
Will the government fix the CEBA program to include businesses that pay owner-operators through dividends?
View Bill Morneau Profile
Lib. (ON)
Mr. Chair, I think the language “fix” is incorrect, for more than 500,000 businesses have received this loan. Of course, we are always endeavouring to make sure it works for as many businesses as possible.
View Paul Manly Profile
GP (BC)
Thank you, Mr. Chair.
I'd like to thank the government and ministers present for the rapid relief that they've provided to Canadians. I know the constituents in my riding really appreciate that. I'd like to thank them also for being responsive to the MPs who have brought forward gaps in the program.
The CERB requirements recognize dividend income for eligibility for the Canada emergency business account, CEBA, but the Canada emergency business account does not recognize dividends or contract payments. I've been contacted by many small business owners who have been legally paying themselves with dividends for years, but these companies cannot apply for the CEBA even though this might save them from bankruptcy during this crisis.
Will the government make the necessary changes to allow dividend income to be admissible for CEBA eligibility?
View Navdeep Bains Profile
Lib. (ON)
I'd like to thank the honourable colleague for his very thoughtful question and his advocacy in looking for different solutions and in working with us to help small businesses, not only in his riding but across the country as well.
He's absolutely correct that the Canada emergency business account has been successful, as 590,000 loans have been issued. That's a reflection of some of the changes that we introduced, which made the criteria more generous so that more businesses could obtain assistance.
He has raised the issue of dividends. As I said before, we continue to work with Canadians and Canadian businesses and colleagues in this House to see how we can assist more Canadians, not less of them, and we'll continue to endeavour to do that.
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