New Initiatives in light of COVID-19
March 27, 2020
These new benefits specific to business and employers announced this morning.
Details will follow, but these new initiatives may affect business decisions to lay off employees
Details will follow
- 75% wages subsidy to small business employers.
- Increases and replaces the previously announced 10% subsidy
- No announced details yet regarding ceiling limits for individual employees or total ceiling for each employer
- Emergency Business Account
- Loan financing administered through the Business Development Bank
- Available through major financial institutions
- Up to $40,000 per business
- Interest free for first year
- Up to $10,000 forgivable based on criteria yet to be announced
- Additional funding for import/export to be available through Export Development Canada
- Deferral of payments due on filing of GST due at the end of March, to the end of June
We will provide details as soon as they are available.
The information contained in this communication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.