Canada unveils $6-billion business aid program amid U.S. trade war

What’s happening?

The federal government has announced a $6-billion aid program to support Canadian businesses through the trade war with the U.S.

The “Trade Impact Program” includes:

• $5 billion in funding over two years for Export Development Canada to help Canadian exporters reach new markets and navigate the economic challenges posed by the U.S. tariffs.
• Employers directly impacted by the trade war be able to get “favourably priced loans” to the tune of $500 million through the Business Development Bank of Canada.
• The agriculture and food industry will get $1 billion in new financing through Farm Credit Canada.

Ottawa is also temporarily expanding its existing work-sharing program, funded through Employment Insurance (EI) benefits, to let employers cut hours while keeping staff in their jobs with income support.

“We are moving ahead with these changes, despite yesterday’s pause, because businesses and workers need assurances right now,” Labour Minister Steve MacKinnon said during a press conference on March 7.

Agreements under the federal government’s work-sharing program can last from six to 26 weeks. If needed, they can extend to a total of 38 weeks.

However, MacKinnon claimed that the maximum length of these agreements is being increased temporarily to 76 weeks.

SEE ALSO
• U.S. to proceed with reciprocal tariffs on Canadian lumber, dairy
• U.S. announces ‘steel and aluminum tariffs 2.0’, Canada affected
• How Trump’s tariffs could affect Canadians: 3 key employee rights

Canadians concerned about widespread layoffs

Economic disruptions caused by layoffs often lead to layoffs — Trump’s planned duties on Canadian goods are no exception.

Why Samfiru Tumarkin LLP?

At Samfiru Tumarkin LLP, we’ve helped over 50,000 clients secure fair severance packages — recovering millions of dollars for non-unionized employees across Canada.

With extensive experience representing workers in roles at small businesses and large organizations across various industries, our team provides the expertise you need to navigate your termination effectively.

SEE ALSO
• Should I negotiate my own severance package in Ontario?
• What Albertans need to know about negotiating severance
• Negotiating severance in B.C.: What employees need to know

WATCH: Employment lawyer Lior Samfiru explains the difference a legal professional can make in certain situations on an episode of the Employment Law Show.

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Disclaimer: The materials provided in this article are for general informational purposes only and DO NOT constitute legal advice. For advice specific to your situation, please consult a legal representative at Samfiru Tumarkin LLP.