Toronto, Ontario--(Newsfile Corp. - March 27, 2020) - The Canadian Securities Exchange ("CSE" or "the Exchange") today issued the following statement on the Government of Canada's announcement of enhanced wage subsidies and guaranteed interest-free loans for small and medium-sized enterprises ("SMEs"):
"The Canadian Securities Exchange congratulates the federal government for taking further strong measures to support Canada's economy during the COVID-19 pandemic. By increasing the previously-announced wage subsidy for SMEs from 10% to 75%, and offering qualifying companies with loans of up to $40,000 that are interest-free for the first year, the government is providing unprecedented support for these Canadian businesses, helping them keep their workers employed during this difficult period and preventing severe job losses.
As government officials work over the weekend to establish the eligibility rules for these enhanced benefits, the CSE urges that small capitalization public companies be included in the package. When the initial 10% wage subsidy was announced, access to the programme was limited to Canadian Controlled Public Companies ("CCPCs") based on the language in the government's proposal.
As the CSE noted in its news release dated March 23, 2020, it is unfair to deny this critical relief to the hundreds of public companies whose shares are listed on the CSE and other domestic stock exchanges. These companies are facing the same pressures as their privately-held counterparts, and the potential for substantial layoffs is equally high in both groups.
The CSE urges the federal government to ensure that all SMEs receive equal access to the wage subsidies and interest-free loans. That is the best way to protect jobs during this ongoing crisis."
About the Canadian Securities Exchange:
The Canadian Securities Exchange is a rapidly growing stock exchange focused on working with entrepreneurs to access the public capital markets in Canada and internationally. The exchange's efficient operating model, advanced technology and low fee structure help companies of all sizes minimize their cost of capital and maximize access to liquidity.
The CSE fosters positive working relationships with issuers, providing superior responsiveness to their specific needs. It offers investors in Canada and abroad access to a multi-sector stable of growth companies through a liquid, reliable and highly regulated trading platform. The exchange strongly supports entrepreneurship and has established itself as a leading hub for discourse in the entrepreneurial community.
Richard Carleton, CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53887