Canada’s small and medium-sized businesses are the backbone of our economy, and they are also on the front line of the trade disruption caused by new U.S. tariffs. From a machine shop in Cambridge sourcing steel inputs, to a forestry supplier in the Interior of British Columbia, to an aluminum fabricator in the Saguenay, the pressure on cash flow, capital planning, and workforce retention is real. Minister Champagne has framed the package as…”We will support our workers, our businesses and our industries with whatever it takes, for as long as it takes.”

Building on nearly $25 billion in supports delivered over the past 18 months, our government is introducing a further $7.5 billion package of new and enhanced measures. It is targeted and proportionate, and it is designed around a simple principle: businesses facing a liquidity shock because of tariffs they did not create should not be left to absorb that shock alone.

For accountants advising SME clients, four elements of this package are worth understanding in detail.

Regional Tariff Response Initiative.

Effective this September, we are adding $1.5 billion to the Regional Tariff Response Initiative, delivered through Canada’s seven Regional Development Agencies. The cap on non-repayable contributions rises from $1 million to $3 million, and for the first time this support extends beyond pivot and capital investment plans to cover demonstrated liquidity needs directly, with up to $2 million available. If a client’s balance sheet shows tariff-driven working capital strain rather than a need to retool or diversify markets, this is now squarely in scope — and accountants preparing cash-flow projections and liquidity assessments will be central to a strong application.

BDC Pivot to Grow.

The Business Development Bank of Canada is launching a second $500 million liquidity stream through its Pivot to Grow program, open to companies directly impacted by tariffs regardless of sector. Loans range from $250,000 to $5 million, with interest-only payments over 36 months, and the application process has been simplified. Critically, eligibility has been broadened by lowering the annual revenue threshold to $1 million — bringing many more of the small business’s accountants serve within reach of this financing, alongside BDC’s existing targeted programs for steel, aluminum, and forestry.

Canada Strong Diversification Fund.

Effective immediately, a new $2 billion stream of the Strategic Response Fund will support tariff-impacted companies, including medium-sized firms, on shovel-ready capital maintenance projects. It will work closely with Regional Development Agency intake, and a fast-track, one-step review and approval process is being put in place so that projects move quickly rather than sitting in a queue while cash-flow pressure builds.

Rapid Response Supports for Workers and Employers.

A new $3.5 billion suite of measures helps businesses retain the people they’ve trained while helping laid-off workers land on their feet faster. On the worker side, we are extending the waiver of the one-week EI waiting period, extending the measure allowing EI access before separation payments are exhausted, extending the additional 20 weeks of EI regular benefits for long-tenured workers, and for the first time ensuring workers who left a job in recent months are not penalized when their most recent job loss was through no fault of their own. On the employer side, a new Workforce Retention and Retraining Program merges Work-Sharing and the Worker Retention Grant into a single, more accessible offering, with additional funds of up to $1,000 per participant to cover training and administrative costs.

For RPAs and accounting practitioners advising SMEs, this package rewards proactive planning. The revenue and liquidity thresholds have been lowered, the application processes streamlined, and the timelines shortened but clients will still need solid financial documentation, cash-flow forecasts, and a clear narrative connecting tariff exposure to the support they’re requesting. That is exactly the value accountants bring to this moment.

Our government moved quickly and deliberately with this package because we understand that behind every line item is a business trying to keep its doors open and its people employed. I’m grateful for the role Canada’s accounting profession plays in helping that support reach the businesses that need it.