Additional relief for small and medium-sized businesses announced today by the Federal Government
During his daily news conference today, Prime Minister Trudeau made three significant financial announcements to help small and medium-sized businesses.
75% Wage Subsidy
A 75% wage subsidy for qualifying businesses for up to 3 months to avoid layoffs or help employers bring staff back.
the wage subsidies will be backdated to March 15, 2020
previous wage subsidy was 10%
Guaranteed Interest Free Loans
Guaranteed interest-free loans through the newly launched Canada Emergency Business Account.
banks can offer up to $40,000 which will be interest-free for the first year
the loans will be guaranteed by the government
if certain conditions are met such as payment in full before December 31, 2022; 25% will be forgiven up to $10,000
the government has earmarked an additional $12.5 billion through the Export Development Bank and the Business Development Bank
Deferral all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June 2020 as well as customs and duties owed for imports. For more details, please click here.
To read the full announcement, please click
here for the official press release.
Bank of Canada interest rate cut
Friday morning, the Bank of Canada announced an unscheduled interest rate cut, slashing the key interest target by half a percentage point to 0.25 per cent.
Your Association continues to monitor this fluid situation and will continue to keep you apprised of the latest developments.
Please do not hesitate to contact us at ngcoa@ngcoa.ca should you have any questions.
