Small business owners and entrepreneurs are the backbone of our economy and make our communities better places to live - but they’re facing difficult decisions and are worried about the coming months. Here’s what we’re going to do to take some of the pressure off. ⤵️
If you own a small business and have had to slow down or stop your operations because of the COVID-19 pandemic, we’re increasing the temporary wage subsidy up to 75% for qualifying businesses so you can keep paying your staff. And we’ll backdate this subsidy to March 15.
We’re also launching the Canada Emergency Business Account in case your small business is struggling with cash flow. This will allow banks to offer $40,000 loans - guaranteed by the government - to qualifying businesses. And these loans will be interest-free for the first year.
On top of that, we’re providing $12.5 billion through @ExportDevCanada and @BDC_CA to help out your small or medium-sized business. You’ll be able to apply for a guaranteed loan when you go to your financial institution to get help as you weather the impacts of COVID-19.
And if you’re struggling to get by and have a GST/HST payment due at the end of the quarter, we’ll give you more time. These payments, as well as duties and taxes owed on imports, will be deferred until June so you can use that money to cover your immediate needs instead.
You’re going to get the support you need to help rebuild a more resilient and prosperous economy. So, to businesses across the country, please keep your workers on the payroll or think of hiring them back. Get more details on today’s announcement: pm.gc.ca/en/news/news-r…
