Prime Minister Justin Trudeau, acknowledging the impact of COVID-19 on small businesses and workers, has increased the wage subsidy for small business from 10 per cent to 75 per cent.
The benefit will be retroactive to March 15th.
Meanwhile, Trudeau says Ottawa is helping small business with cash flow by offering a $40,000 dollar loan, guaranteed by government, for eligible businesses.
The loan will be interest-free for a full year with up to $10,000 forgivable.
Another $12.5 billion dollars will be available through Export Development Canada and the Business Development Bank to help with cash flow requirements.
We’re all in this together. The Government of Canada will continue to work around the clock to ensure all Canadians and small businesses get the support they need to weather the #COVID19 pandemic. Details on today’s announcement ⬇️ pic.twitter.com/Nx2bhfZXqk
— Prime Minister of Canada (@CanadianPM) March 28, 2020
