Coronavirus Update - March 27, 2020
Further Support for Small & Medium Sized Businesses Announced
Today the federal government announced a major increase to the Federal Wage Subsidy program that was brought in to assist small and medium sized business during the COVID-19 crisis. Previously, the federal government has announced 10 per cent wage subsidy for businesses across Canada, recognizing that that wasn’t enough, the government has now boosted that to 75 per cent, also announced were guaranteed interest-free loans. These loans, which are interest free for the first year, are up to a maximum of $40,000 and under certain conditions, up to $10,000 of it could be non-repayable.
In addition, the federal government announced that GST and HST payments, as well as duties and taxes owned on imports, will be deferred until June 2020, which amounts to $30 billion in interest-free loans to businesses across Canada.
While further details are forthcoming, please see the Government of Canada’s website for more information on support for both individuals and businesses.
For information on what the Province of Ontario recently announced in their Action Plan, please refer to this website.
Thank you and please let us know how we can help you during this difficult time, we are available to assist.
Paul Di Ianni
Economic Development Officer
Town of Lincoln
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