What Trudeau is offering small businesses struggling amid COVID-19
March 27, 2020 by The Canadian Press
Small and medium business owners and entrepreneurs got a boost from Prime Minister Justin Trudeau on Friday as he handed more out relief for companies grappling amid COVID-19.
The measures he announced include:
The federal government will cover 75 per cent of salaries for workers of qualifying small businesses affected by COVID-19, an increase from the 10 per cent announced previously.
The subsidy, which will be backdated to March 15, gives companies who have asked employees to stop or reduce working help in continuing to pay staff.
The government has launched the Canada Emergency Business Account, which will involve banks soon providing government guaranteed loans of up to $40,000 for small businesses.
Those loans will be interest-free for the first year and up to $10,000 could be waived for repayment.