Wage Subsidy Increased
St. John’s, NL - The St. John’s Board of Trade is applauding the Government of Canada’s decision to increase the wage subsidy from 10% to 75% for qualifying businesses. The Board of Trade recently spoke with and wrote to Minister Seamus O’Regan requesting this change.
“Chambers of Commerce and Boards of Trade across Canada have been requesting an increase in the wage subsidy since it was announced.” – said Andrew Wadden, Chair of the St. John’s Board of Trade. “The wage subsidy was always the right measure, just the wrong number. We are glad government has made an increase to assist business and their employees when they need it most. In recently speaking with Minister O’Regan, I was confident this concern was being heard loud and clear.”
Government also announced they are launching the Canada Emergency Business Account to help businesses bridge through these difficult times. With this new measure banks will soon offer $40,000 which will be guaranteed by the Government of Canada. The loans will be interest free for the first year and up to $10,000 is eligible to be forgiven.