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Prime Minister Justin Trudeau announced more help for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis, including a 75 per cent wage subsidy and guaranteed interest-free loans.
Small Business Advisory Centre Smiths Falls/Lanark County
“Prime Minister Trudeau -announced in a press conference this morning that he knows small businesses are suffering.
Last week, it was announced that businesses would be offered 10 per cent of wages to keep employees working. It has now been announced that it is going up to 75 per cent..."for any qualifying business." Prime MinisterTrudeau says he hopes employers consider rehiring employees that they have let go with this new support.
The government is also launching the Canada Emergency Business Account-banks will soon offer $40,000 loans which will be guaranteed by the government to qualifying businesses. This loan will be interest free for the 1st year.
On top of this, they are providing an additional $12.5 billion to Export Development Canada and the Businesses Development Bank to help small and medium sized businesses with their operational cashflow requirements.
The government is offering to defer GST and HST payments as well as duties and taxes owed on imports until June.
More info to follow Monday .... details have not been formulated yet.