Trade Updates

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$10B Support for Canadian Businesses During COVID-19 Health Crises

Posted March 18, 2020

The Canadian government will establish a $10 billion credit facility to lend money to Canadian businesses under stress as a result of the spreading COVID-19 pandemic. Business Development Bank of Canada (BDO) and Export Development Canada (EDC), both Crown-owned entities, will have be responsible of this credit facility to help companies access cash and keep exporting to markets abroad at a time when COVID-19 is dramatically affecting the functioning of the economy.

The COVID-19 is a rapidly spreading disease has resulted in thousands of deaths around the world, and where global supply chains have been significantly disrupted, as many countries have closed factories and ports. 

It is anticipated that there will be an increasing amount of Canadian exporters and importers that could be impacted, if the longevity and spread of the virus increases.

If your business requires financial support during these unprecedented times please refer to:

How We Can Help.
We understand that this may be a difficult time for the supply chain, due to the rapidly changing guidelines from the government on the COVID-19 virus. We understand each business may be uniquely impacted by this. GHY can assist our clients in ensuring that they are protected from late accounting penalties normally assessed by Customs for taxes and duty.
If you would like an advance draft statement ahead of time or current balance owing, please contact our CFO - Roger Labossiere, 204.947.6700 ext. 215.
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