The honourable Minister of Industry.
Mr. Chair, I'd like to thank the honourable member for his question. I want to highlight the fact that we did make an amendment. When we originally proposed this initiative, the threshold was 30% for the month of March. Now businesses will only need to show a 15% decline in revenue, and businesses will have the option of using January and February as a reference period to show revenue losses, or of using the same time last year. This reflects, again, our ability to understand the needs of businesses, to act quickly and to make sure that they benefit from this very important initiative.
They still don't qualify, Mr. Chair. The Blarney Stone restaurant in Killarney has repeatedly asked the Minister of Finance if they could refinance their loans through the Canada small business financing program. Will the Minister of Finance give small business owners the ability to refinance their existing loans through the program, yes or no?
Mr. Chair, again, we've demonstrated flexibility and nimbleness when it comes to these financing options. I'd also like to highlight another very important initiative that was mentioned earlier, the deferring of GST/HST and customs duty payments for businesses for the next three months. This will help 3.2 million business owners and entrepreneurs across the country. Again, it's another initiative to put more money in the pockets of businesses as they deal with this unprecedented health care crisis.