Today, March 27, the Government of Canada announced new measures to help support small business owners and entrepreneurs:

  • If you own a small business and have had to slow down or stop your operations because of the COVID-19 pandemic, the temporary wage subsidy is being increased from 10% up to 75% for qualifying businesses. This subsidy is backdated to March 15, 2020.
  • The government will guarantee loans of up to $40,000 for small businesses which will be interest-free for the first year.
  • An additional $12.5 billion will be provided through BDC and EDC to help small and medium business with cash flows.
  • GST/HST payments, as well as duties and taxes owed on imports, will be deferred until June.

More information from the Department of Finance