On Friday, March 27, Prime Minister Justin Trudeau announced additional help for small and medium-sized businesses aimed at supporting jobs and assisting entrepreneurs navigate this difficult period.
The key takeaways include:
- A major increase to the wage subsidy for small- and medium-sized businesses, boosting it to 75 per cent, up from the 10 per cent previously promised.
- Launching a special account for small businesses, offering interest-free loans and billions more in assistance on cash-flow.
- A deferral in HST and GST.
Details of programs are still being worked out and more information will come as soon as Monday.
A Welcome Boost for BC Small Businesses
As the main resource for small businesses in BC, we see firsthand the stress entrepreneurs are facing as they’re impacted by COVID-19. Every single day, thousands of entrepreneurs come to us for guidance as they have to make incredibly difficult decisions about laying off staff and closing their doors to the public. While some have been able to pivot and find ways to continue operating, others are simply not able to and have to close their doors temporarily, and in some cases permanently.
We are facing a global pandemic, a crisis that impacts every single one of the 98% of businesses that are considered small in Canada, as well as the people employed by those businesses. All levels of government are acutely aware that small business forms the backbone of our economy, both in BC and Canada.
This morning, the Federal Government announced further steps to support small businesses in Canada and the employees of those businesses. We are extremely pleased to see increases in wage subsidies and assistance to help business owners with fixed expenses. These are two areas where we know businesses owners need relief during this time. This level of support cannot be offered soon enough, and we also continue to advocate for additional supports. We urge you to also reach out to your own MPs and MLAs directly.
As we get through this crisis, we at Small Business BC want to ensure that all entrepreneurs are able to not just recover, but to thrive; our economy depends on it.
Take a few moments to view SBBC’s COVID resources for small businesses – or perhaps sit in on one of our Digital Meetups. The latter are a good way to connect with various topical experts and other small businesses in our provincial community. On that same link you will also find registration opportunities for free COVID-related educational webinars.
Tom Conway, CEO, Small Business BC.