The City of Longueuil wishes to remind businesses on its territory that a series of economic measures have been introduced to support them during the COVID-19 pandemic.
“Businesses in Longueuil, like everywhere in Québec, are being hit hard by the economic fallout from the pandemic—a situation that has only worsened since the premier of Québec ordered the closure of all non-essential services and economic activities earlier this week. Given this, it is important to remind our businesses that several support measures have been put in place by various stakeholders, including Ville de Longueuil, DEL (Développement économique de l'agglomération de Longueuil), the Québec government, and the Canadian government,” declared Longueuil Mayor Sylvie Parent.
Over the next few days, DEL will also reach out to companies in the industrial parks and zones to determine how the pandemic is affecting their businesses and to offer its services.
City of Longueuil
- Deferment of upcoming municipal tax payments
The City of Longueuil has taken action to lend a helping hand to local businesses by extending the deadline for the next three instalments of municipal taxes by a month.
Revised tax bill payment deadlines:
2nd instalment: now Wednesday, May 6, 2020
3rd instalment: now Monday, July 6, 2020
4th instalment: now Tuesday, September 8, 2020
DEL (Développement économique de l'agglomération de Longueuil)
Three-month moratorium on business loan payments
DEL may grant a three-month moratorium on loan payments to companies in their portfolio.
This 12-month term loan, with an option to refinance after 12 months, will be managed by DEL and may be useful in covering a company's operating expenses.
Longueuil's Economic Development Office remains open for business. Working remotely, the team is collaborating with DEL to ensure companies receive ongoing support.
Given how fast things are changing, a web page has been set up by DEL to provide a centralized list of technical and financial resources available to Longueuil businesses as they confront this crisis. The list can be found here: delagglo.ca/covid-19-du-soutien-pour-les-entreprises. Over the next few days, DEL will also reach out to companies in the industrial parks and zones to determine how the pandemic is affecting their businesses and to offer its services.
Gouvernement du Québec
Eligible businesses, including cooperatives, non-profits and social economy enterprises with commercial activities, may be eligible to receive financial support to alleviate a COVID-19-related liquidity shortage stemming from:
-A problem involving the supply of raw materials or products (goods or services)
-An inability, or a substantially decreased ability, to deliver goods, products or services.
This new emergency funding measure, incorporated within the ESSOR program, is aimed at businesses in a precarious situation or temporary difficulty as a result of COVID-19. The purpose of this assistance is to shore up a business's working capital so it can continue operating.
All industries are eligible, with a few exceptions. The minimum funding amount is $50,000. It will be allocated as a loan guarantee, although it may also take the form of a loan.
Local investment funds
The Québec government will be placing a three-month moratorium on payments of loans already granted by a local investment fund, which in Longueuil is managed by DEL. It will also be introducing measures to ease the terms of loans in progress with Investissement Québec.
Extension of filing deadlines
Tax deferrals will be granted at the provincial level for individuals and businesses alike. Partnerships that had until March 31, 2020, to file the Partnership information Return (TP-600) for 2019 now have until May 1, 2020. The deadline for individuals and businesses to pay any tax balance due for the 2019 taxation year has been postponed to August 31, 2020.
Government of Canada
The federal government is making a temporary wage subsidy available to small businesses for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees' remuneration.
Similar to the provincial tax program, businesses of all sizes can defer, until August 31, 2020, the payment of any income tax amounts owing at the federal level. This relief would apply to tax balances due as well as instalments. No interest or penalties will accumulate on these amounts during this period. Moreover, the Canada Revenue Agency will not contact any small or medium businesses to initiate any post-assessment GST/HST or income tax audits for the next four weeks.
Access to credit for businesses
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
Modern and forward-facing, Longueuil is the central city of the Agglomération de Longueuil, home to more than 430,000 residents. Longueuil is renowned for the quality of its essential public services, its rich and varied cultural programming, and its strong potential for economic development. With a history dating back 360 years, Longueuil is also a vibrant and welcoming city with a remarkable quality of life where families can thrive, surrounded by expansive green spaces, peaceful residential and urban neighbourhoods, and a booming business sector.