Here's what small businesses need to know about the government's COVID-19 hardship measures

Author: External Author | | Categories: COVID-19

Many small businesses, along with non-profits and charities, in Canada may be particularly hard-hit by the financial fallout of COVID-19 and may experience a significant loss of revenue. This week, the government passed legislation to put into place a variety of measures to help individual Canadians and businesses facing hardship as a result of the COVID-19 outbreak. Among the measures was a temporary wage subsidy program for employers, a new loan program for businesses, and deferred payment deadlines for income tax and GST/HST.

As originally introduced, the temporary wage subsidy program was to be equal to 10 per cent of remuneration paid by an “eligible employer” between March 18 and June 19, 2020. On Fri. March 27, in his daily press conference, Prime Minister Justin Trudeau announced that the wage subsidy will be increased to 75 per cent of wages for small- and medium-sized businesses affected by the COVID-19 pandemic, and made retroactive to March 15, 2020.

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Original Article Source Credits: business.financialpost,

Article Written By Jamie Golombek

Original Article Posted on :  March 27, 2020

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