Prime Minister Justin Trudeau
this morning more help for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis. Qualifying businesses will see the wage subsidy increase from 10 per cent to 75 per cent and it will be backdated to March 15.
The subsidy increase is part of a suite of small business measures being rolled out. Additionally, the prime minister said banks will offer $40,000 loans to businesses, which are interest free for a year, and up to $10,000 could be waived for repayment.
Trudeau also announced that GST and HST payments, as well as duties and taxes owed on imports, will be deferred until June, which he said amounts to $30 billion in interest-free loans to businesses.
Details of the programs are still being worked out and more information will be coming out between now and Monday.
We will continue to share the most relevant information and please don't hesitate to reach out if you have any questions or need any additional support.
President & CEO,BC Hotel Association