Mr. Speaker, I sincerely apologize to the interpreters. I never turn the pages like that, but I forgot. They will be going in another direction.
The problem is the government's inadequate response. The government was slow to react, and the economic update initially contained no measures tailored to the crisis. While $10.1 billion was collected in tariffs, only $5.7 billion is being redistributed. This leaves $4.4 billion unused while businesses are struggling, and the announced measures rely primarily on loans.
They are proposing $1 billion through the Business Development Bank of Canada and $500 million through regional agencies. This is good, but the problem, as my colleague from Joliette—Manawan said and as he heard in committee, is that businesses are already over-indebted. He heard this from representatives of economic organizations in Quebec, who raised this point.
That will not solve the problem, because the fundamental issue is not that businesses lack access to credit; it is that they are already in debt, as I said. However, they are cash-strapped and unable to continue their operations during this period of uncertainty, so we do need to offer loans to businesses that are experiencing revenue losses. However, if we focus solely on that solution, it amounts to increasing their debt burden, so we are not coming out ahead.
The Bloc Québécois is instead proposing concrete measures that are tailored to the situation. We keep coming back to our first idea: the wage subsidy. This solution is based on the model used during the pandemic, which worked well. The advantage is that it helps maintain employment relationships and prevents mass layoffs. By protecting the employment relationship, this measure helps to retain expertise and avoid higher social costs. That is important.
There is also the idea of buying local. We suggest introducing a local procurement policy to support local processing and economic self-sufficiency. This morning, I met with representatives from companies such as Lassonde, which sells beverages. This morning, these food processing companies emphasized that there is no policy, no commitment. Government must lead by example. Much of it depends on institutional frameworks, but we must put this policy in place. It was part of the Bloc's proposals during the last election campaign, a year ago. We wanted Canada to pass a sort of “Buy Canadian Act” to prioritize buying local.
We also want to support businesses directly by prioritizing grants over loans and addressing their short-term cash flow needs. We are also proposing another solution: a one-stop shop for SMEs to simplify access to programs, reduce the administrative burden and provide clear, centralized support.
As the employment and labour critic, I would also add that employment insurance reform is necessary and of utmost importance to ensuring support for those who, despite everything, will lose their jobs during this crisis. Our social safety net must be adjusted to account for 2026 conditions. The Bloc Québécois believes employment insurance reform is crucial, and we will continue to push for it.
The economic risk of doing nothing is immense. Quebec will lose an estimated $8 billion per year. Potential consequences include plant closures, brain drain and long-term regional decline. When a business closes, the jobs and expertise do not necessarily come back, and that is deeply tragic. Sometimes these things are lost forever.
In conclusion, Quebec is particularly vulnerable because its economy is centred on manufacturing and exports. Its economic model is based on SMEs and very small businesses. This context calls for swift, targeted, meaningful action. It is vital to support businesses, protect workers and stabilize the regions. This is so important. I would remind the House that our ridings are home to some incredible family businesses, and we want them to stay in businesses.
Every dollar of countertariff revenue should be reinvested directly to support the people grappling with the consequences of the tariff war. That was mentioned earlier by my colleague from Lac-Saint-Jean. Inaction and inappropriate measures could have a lasting effect on our economy. It is time to take rigorous, responsible and effective action, as the Bloc Québécois has always done for the sake of Quebec's diversified business and economic sector.