Today the Government of Canada announced:
NOTE: The Canadian Chamber, in partnership with local Chambers across the country, lobbied for the increase beyond the original 10% announced, as well as other financial supports for business. We are pleased the federal government listened.
- An increase to the wage subsidy from 10% up to 75% for small and medium size businesses. This subsidy will be backdated to Sunday, 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. Under certain conditions, up to $10,000 of the loans could be non-repayable.
- A deferral of GST/HST payments, as well as duties & taxes on imports until June 2020.
- An Investment of an additional $12 billion in BDC and Export Development Canada to support SMEs with cash flows.
We expect full details on Monday and will share those details with Milton Chamber members as they become available.
If you have any questions, please do not hesitate to contact the Milton Chamber at info@miltonchamber.ca.
