Government Boosts Wage Subsidy

March 29, 2020 7:18 PM | Anonymous

Government boosts wage subsidy to 75% for small, medium businesses to avoid layoffs during COVID-19 crisis


https://www.cbc.ca/news/politics/trudeau-covid19-mar27-business-1.5512151
 

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

ABOUT ASSOCIATION

The Almaguin Highlands Chamber of Commerce is a not-for-profit organization who's mission is to be the voice for a prosperous community that fosters pride in our area and help develop economic growth on behalf of its members.

CONTACT

Almaguin Highlands Chamber of Commerce

113B Yonge St, PO Box 544,

Burk’s Falls, Ontario P0A 1C0

almaguinhighlandschamber@gmail.com


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