This morning the government announced that more help will be coming very soon.
While there are no details as of yet, we will be continuing to monitor and assure that if you qualify we are making you aware and where applicable will be applying these relief measures.
This is what we know:
- Qualifying small and medium business will receive a 75% Wage Subsidy
- Backdated (retroactive) to Sunday March 15
- We do not know if there will be maximums but we expect to have further details by Monday
- The Canada Emergency Response Benefit (CERB) will still be in effect for those that are self employed and not earning
- Canada Emergency Business Account - $40K loans to qualifying business, interest free for the first year and under some conditions first $10K is forgivable
- $12.5 billion in additional support cash flow requirements - allowing guaranteed loans to help with cash flow for qualifying business
- GST/HST and Duties/taxes owed are deferred to June (essentially as an interest-free loan)
- The goals of these measures are to help rehire and keep employees hired that have not yet had to lay off their staff