The Government of Canada is responding to the financial impact of COVID-19 and today announced further measures to support small businesses.
Boosting the Wage Subsidy
To help small and medium-sized businesses keep workers on the payroll, the Government of Canada is providing a 75% wage subsidy for qualifying businesses for up to three months. This measure will be able to be applied retroactively to March 15, 2020.
To help ease cash-flow challenges, businesses, including self-employed individuals, can defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports.
Introducing the Canada Emergency Business Account
To help small businesses access the capital they need to cover operating costs, the Canada Emergency Business Account will provide small businesses and not-for-profits with interest-free loans of up to $40,000. Businesses that repay the balance of the loan on or before December 31, 2022 are eligible for 25% loan forgiveness. Contact your financial institution to apply for this loan.
Introducing the Small and Medium-Sized Enterprise Loan and Guarantee Program
Through Export Development Canada and the Business Development Bank of Canada, the Government of Canada is launching the Small and Medium-Sized Enterprise Loan and Guarantee Program to help small and medium-sized businesses access guaranteed loans to meet their operational cash flow requirements.
For more information on these measures and other supports announced by the Government of Canada to support Canadians and Canadian businesses mitigate the impact of the COVID-19 visit: