Prime Minister says feds will support small businesses through COVID-19
Prime Minister Trudeau speaking to media Friday, March 27 outside Rideau Cottage. Photo credit to C-PAC livestream.
Prime Minister Justin Trudeau has announced a series of measures in order to support small and medium-sized business.
The payroll support has been raised to 75% to help employers cover salaries. It is retroactive to March 15th.
In order to help companies that are facing a cash crunch, the federal government is launching the Canada Emergency Business Account which will allow companies to apply for loans up to $40,000, interest-free for a year.
If needed up to $10,000 may be forgiven. The government is also waiving GST & HST payments and import and export duties until June.