• BC Chamber COVID Business Update: 3/27/2020

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    March 27, 2020

     



    Update: Supports for Business March 27, 2020

     
    Today, Prime Minister Trudeau announced four measures to further support business and not-for-profits who are struggling in the face of COVID-19 pandemic.
     

    In brief:

    • The wage subsidy has been increased from 10% to 75% for qualifying businesses, back dated to March 15, 2020.
       
    • The federal government will provide up to $25 billion to eligible financial institutions to provide interest-free loans (up to $40,000 for one year) to small businesses and not-for-profits. Up to $10,000 may be forgiven in qualifying circumstances. The program is called the Canada Emergency Business Account—and can be accessed through financial institutions.  
       
    • Businesses, including self-employed people, can defer GST/HST payments, and customs duties for imports, until June. This will help businesses pay employees and ease cash-flow challenges.
       
    • Small and medium-sized companies that need help with operational cash flow can access the new Small and Medium-sized Enterprise Loan and Guarantee program. This program provides $40 billion in guaranteed loans (government backed) through various financial institutions.

    We've updated the Resource Support page on the BC Chamber website, where you’ll find information on how to qualify for, and access, all available programs and supports. We'll update this page as information is released.
     

    We'll continue to advocate for you
     

    This announcement is a clear result of the collective advocacy efforts by the BC Chamber network, and the insight gathered through our recent COVID-19 Business Impacts Survey—which identified preferred solutions for businesses including zero interest loans and GST payment deferrals.

    Thank you to the Canadian Chamber for successfully leading the advocacy for a 75% wage subsidy.
     
    The federal and provincial governments are listening. Please continue to share your concerns, challenges, and solutions on the supports businesses need in these unprecedented times. The Chamber network – along with our industry partners – is making a difference!

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