Thank you, Mr. Chair.
I understand I'm here until 2:40 and I'm looking forward to answering questions.
All of us know that COVID-19 is causing unprecedented disruption to the economy here at home and around the world. This is a crisis unlike any we've ever faced before. The outbreak of the disease is rapidly evolving, and we know that the government's ability to respond must be equally rapid.
On March 18, the Prime Minister presented Canada's COVID-19 economic response plan. This comprehensive and continually evolving plan is designed to protect Canadian workers and businesses and to ensure that our economy can weather the storm and emerge strong.
To date we've announced the following programs in Canada's COVID-19 economic response plan.
To begin with, yesterday we announced details on the proposed Canada emergency wage subsidy. We know that taking action to protect a strong economy includes taking action to protect Canadian jobs. The subsidy will provide employers who see a 30% or more decline in gross revenue since this time last year with a wage subsidy of 75% for the first $58,700 of normal salary. That goes up to a maximum of $847 a week per employee.
It's available to employers, big and small. It includes non-profits and charities, any of those kinds of organizations, that meet the same eligibility requirements.
We also, as I think you know, have the 10% wage subsidy program, which will provide eligible employers with up to $1,375 per employee and $25,000 per employer.
However, the government acknowledges that, despite this, many Canadians will no longer be earning an income as a result of COVID-19. To ensure that all Canadians can pay for their groceries, housing and necessary medication, we announced the implementation of the new Canada emergency response benefit, or CERB.
This benefit will be provided to Canadian workers who lose all their income as a result of COVID-19. The benefit is for workers who are eligible and for workers who aren't eligible for employment insurance. If a worker is sick, is asked to self-isolate, is caring for an elderly relative, or isn't receiving any wages because they're looking after young children as a result of school or day care closures in response to COVID-19, the worker will be eligible. The CERB also applies to workers on leave without pay, which helps maintain the link between the employer and employee. The CERB is a taxable benefit of $500 per week for up to 16 weeks.
For small businesses and non-profits, we introduced the Canada emergency business account, which will provide interest-free loans of up to $40,000 for small businesses and non-profits, with 25% of it forgivable if paid back by December 31, 2022.
We also launched the new small and medium-sized enterprise loan and guarantee program, which will enable up to $40 billion in lending, supported through Export Development Canada and the Business Development Bank, for guaranteed loans through financial institutions to help small and medium-sized enterprises meet their operational cash flow requirements.
We also announced tax and customs duty deferral measures. Income taxes will not be due until August 31, 2020. In addition, GST and HST remittances and customs duty payments due at the end of March, April or May can now be deferred until the end of June.
We're also supporting families through a one-time top-up of the Canada child benefit of $300 per child this May. For the 12 million families who need it the most, we're making a supplementary GST credit payment, starting on April 9.
We're helping seniors by protecting their savings by reducing the minimum withdrawal from their RRIFs by 25%. To support students and recent grads, effective this past Monday, we put in place an automatic six-month moratorium on Canada student loan repayments.
We're also making sure there is support for those who may need it the most in this challenging time. We've created a distinctions-based indigenous community support fund that will address the immediate needs of first nations, Inuit and Métis nation communities. We have also invested over $200 million to support shelters for women, for children and for Canadians experiencing homelessness.
We're experiencing an unprecedented crisis. We've taken unprecedented action by establishing emergency assistance on a scale that the country has never seen. This is the largest economic program in Canadian history.
We know that Canadians need support urgently, and our government is using all the tools necessary to make sure we can protect Canadians' health and keep our economy strong. These measures are keeping food on Canadians' tables. They're keeping businesses intact, restoring Canadians' confidence, preserving communities' resilience and making sure, importantly, that when this crisis passes—and it will pass—Canadian workers and businesses will be ready to bounce back.
Thank you very much, Mr. Chair, and I am looking forward to the questions.