Coronavirus Update - March 30, 2020
Coronavirus Updates March 30, 2020
Update to yesterday's support for small & medium sized businesses
The federal government announced another increase to the Federal Wage Subsidy program, from yesterday.
- Included a 10 per cent wage subsidy for businesses across Canada, then increased to 75 per cent, & 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
Today's announcement, includes above & in addition:
- The Federal Wage Subsidy is open to small, medium, and large businesses that have seen a decrease in business revenues by at least 30 per cent
- The number of employees is not a determining factor in eligibility for the subsidy program
- The subsidy will cover up to 75 per cent of an individual’s salary on the first $58,700 that is earned, meaning up to $847 a week
- The wage subsidy program is backdated until March 15, 2020
Visit 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
Give us a follow on Instagram - @TownofLincolnON
In our continued effort to connect with our citizens across digital platforms, the Town has launched a Town of Lincoln Instagram account. We want to connect with you in places you visit so we can continue to be accessible in many forms. In our current situation, this is another channel to share our Coronavirus-related information.
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