Madam Chair, what I would like the hon. member to reflect on is that only in the eighties and the nineties did the interest rate exceed the rate of growth. That is a fundamental—

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NDP

The Deputy Chair NDP Carol Hughes

The hon. member.

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Conservative

Mike Lake Conservative Edmonton—Wetaskiwin, AB

Madam Chair, the Bank of Canada's overnight rate in August of 1981 was 20.78%.

Does the hon. minister understand the relevance of asking questions about what projected interest rates might be, given her government is taking on over $400 billion in new debt this year alone?

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, I very much understand the relevance of history and the way in which Canada's very traumatic experience of debt in the 1990s is shaping the current debate. That is why I addressed that very directly in my speech—

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NDP

The Deputy Chair NDP Carol Hughes

The hon. member.

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Conservative

Mike Lake Conservative Edmonton—Wetaskiwin, AB

Madam Chair, does the hon. member know how much the Chrétien-Martin Liberal government cut in transfers to the provinces for health care, social services and education in the late nineties because of the debt the Pierre Trudeau government ran up?

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, I am really glad to have the member opposite ask questions about that because I think it is so important for us as a country to remember the lessons of the 1990s and to appreciate—

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NDP

The Deputy Chair NDP Carol Hughes

The hon. member.

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Conservative

Mike Lake Conservative Edmonton—Wetaskiwin, AB

Madam Chair, the amount was $35 billion cut from transfers for health care, social services and education in the late nineties.

I am going to use my time to comment right now rather than question. As a parent of a 25-year old with autism, I care about not only what services are available for him now, but what services are going to be available for him two generations from now when we are no longer here to support him and look after him.

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, I am going to quote a Financial Post writer who observed that for sure debt is a concern when it comes to our future generations, but saddling them with a weaker economy than it needs to be is an even greater concern. That is—

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NDP

The Deputy Chair NDP Carol Hughes

The hon. member for Elgin—Middlesex—London.

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Conservative

Karen Vecchio Conservative Elgin—Middlesex—London, ON

Madam Chair, on April 24, 2020, the Prime Minister announced the Canada emergency rent benefit for qualifying commercial property owners and small business tenants. Within weeks there were multiple issues that arose and we were all contacted by our constituents. It has now been six months and the government has finally changed the program. What took so long?

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University—Rosedale Ontario

Liberal

Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance

Madam Chair, I am really pleased that in all the questions we have been receiving tonight, there seems to be a unanimous view that the new rent subsidy program we are debating is a good program that will support our businesses in the future.

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Conservative

Karen Vecchio Conservative Elgin—Middlesex—London, ON

Madam Chair, the rent program ended in September and nothing is yet in place. What is the advice from the minister to these businesses that are now closing and getting foreclosure notices?

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, that is precisely why the new rent program we are debating tonight is retroactive to September 27.

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Conservative

Karen Vecchio Conservative Elgin—Middlesex—London, ON

Madam Chair, what is the minister's advice to the banks that are pulling these loans during COVID—19 and increasing interest rates on these companies?

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, I believe that it is the responsibility of banks, landlords and all of us to be supporting the Canadian businesses—

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NDP

The Deputy Chair NDP Carol Hughes

The hon. member.

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Conservative

Karen Vecchio Conservative Elgin—Middlesex—London, ON

Madam Chair, this is all fine and well, but in my riding of Elgin—Middlesex—London, I was contacted by a trampoline park owner. They are about to close three more trampoline parks. They have already closed four in Canada: one in Moncton, one in Winnipeg and two in Quebec. These are huge industries and this place alone has over 200 employees.

This is this business owner's family. His life savings have been invested in this. Prior to going into COVID-19, it was extremely successful. Each and every one of them was extremely successful, but if people cannot do business, they cannot pay the rent. For many months, they were not able to get support from the government. They have received notice from their bank that they are being foreclosed on.

What is the advice when 200 jobs are going to be lost and an additional three businesses are closing?

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, without knowing the precise details of the enterprise, I cannot give precise guidance, but I would say this. If we can get this legislation passed with alacrity, which I really hope we can, then Canadian businesses will be able to get up to—

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NDP

The Deputy Chair NDP Carol Hughes

The minister was cut off and there was still time left. I want to make sure the time is even. The member may want to be recognized before she stands again because the mike was turned off. I will allow a couple more seconds for the minister.

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Liberal

Chrystia Freeland Liberal University—Rosedale, ON

Madam Chair, businesses can get up to 90% of rent covered, up to 65% of wages covered, plus a CEBA loan of $60,000, $20,000 of it forgivable.

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Conservative

Karen Vecchio Conservative Elgin—Middlesex—London, ON

Madam Chair, it is truly too late. I am looking at this business. There are 200 employees and people's life savings are gone down the system and all because we have an overwhelming problem with this pandemic, but the government was not there to help them in the beginning.

What do we tell 200 people and people who are losing their businesses today, not what we are going to be doing in two months but today, who went into this financially fine and had over $800,000 in the bank? We can say that we do not know all of this, but they had $800,000 in the bank and now they are way below that.

What are we telling these businesses that were successful and are no longer in business?