March 27, 2020
Dear ABLE BC Members and Industry Colleagues,
We are sending you a short update this morning with good news:
Today, Prime Minister Justin Trudeau announced more help for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis, including a 75 per cent wage subsidy and guaranteed interest-free loans.
The prime minister said the wage subsidies will be backdated to March 15, 2020. The government previously announced a 10 per cent wage subsidy for business. Today, Trudeau acknowledged that was not enough.
The government will also guarantee loans of up to $40,000 for small businesses which will be interest-free for the first year. Under certain conditions, up to $10,000 of the loans could be non-repayable.
Trudeau said details of the programs are still being worked out and that more information will be coming out between now and Monday.
You can read more about the Federal government COVID-19 economic response plan here.
ABLE BC, along with other industry associations, have been actively engaged with our government partners since this emergency began to secure increased support for small businesses, including a higher wage subsidy. We commend government for acknowledging and acting on this today.
More support for BC’s tourism and hospitality industry is coming. We will share those details as soon as we can.