Government boosts wage subsidy to 75% for small, medium businesses to avoid layoffs during COVID-19 crisis
Prime Minister Justin Trudeau announces enhanced measures to keep employees on the payroll.
- Increasing Canada’s Wage subsidy to 75% to help keep employees on payroll – these subsidies will be backdated to March 15th 2020
- Adding an additional $12.5-billion through Export Development Canada (EDC) and Business Development Bank of Canada (BDC) to help small and medium-sized businesses with their operational capital requirements
- Establishing the Canada Emergency Business Account which will support small business loans for eligible businesses for up to $40K, $10K of which may be forgivable dependant on certain qualifications
- Deferrals on GST and HST payments as well as duty taxes owned on imports until June
- The government also announced it will eliminate the collection on taxes on the incoming Canada Emergency Response Benefit when recipients recover their incomes. $2,000k per month will be provided to those who do not receive wages due to the pandemic