This article may be out of date. Please refer to our Financial Supports Summary for the most up-to-date information.
The Canadian government announced major supports for Canadian business, including:
- Wage subsidy up to 75% to keep staff on payroll, backdated to March 15th, 2020. This is separate from the existing 10% existing subsidy. Caps have not been announced.
- $40,000 in interest-free loans from financial institutions backed by the federal government for one year, via the Canada Emergency Business Account. These can be applied to all expenses, like rent, utilities, and paying wages.
- Deferral of GST/HST, import duties, and taxes until June. That’s $30B that businesses get to keep for now to help during these difficult times.
- $40 billion through EDC and BDC to help small or medium-sized businesses through a guaranteed loan from their financial institutions, through the Small and Medium-sized Enterprise Loan and Guarantee program.
For additional information:
- For more details, visit canada.ca and pm.gc.ca.
- The team at Video Tax News has prepared a briefing to explain this announcement.