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COVID19 – Resources and Funding for Businesses
The Government of Canada has announced measures to help businesses through these unprecedented and challenging times. Along with low and no interest credit products, the Government is subsidizing wages for qualifying businesses. Below are important details on how to access these resources.
The Government of Canada will subsidize up to 75% of wages for qualifying businesses through the “Canada Emergency Wage Subsidy”.
Many low interest and zero interest loans have been made available. The low interest and zero interest loans are available now through financial institutions.
The federal government is offering loans of $40,000 at zero interest to qualifying businesses with up to $10,000 of the loan “forgiven”. Many financial institutions have already introduced online applications for the federally guaranteed interest free loans of up to $40,000. The interest free period remains in effect until December 31, 2022 after which, loans will convert to a 3-year term loan with 5% interest. The government will “forgive” up to $10,000 of the loan if it is paid off by Dec. 31, 2022. These loans are available through current financial institutions and are available to businesses and non-profits with annual payrolls between $50,000 and $1 million in 2019.
If you need to take advantage of the zero-interest loans for your business, contact your financial institution immediately to apply.
Additionally, businesses can defer tax remittance to assist with cash flow. More information can be found here: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html