Daily COVID-19 Update - March 27, 2020
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These are the essential updates available related to COVID-19 for March 27, 2020.
Further Economic Supports
Prime Minister Justin Trudeau has announced several further financial supports today.
He announced that HST/GST payments have been deferred until June to give Canadians increased flexibility and support.
He also announced that the federal government will offer a 75% wage subsidy, so any small business with employees will be better able to keep their employees on the payroll. This is an increase from the 10% subsidy that was announced earlier this week . This subsidy will be backdated to March 15, 2020. Applications for this subsidy are not currently available, and details of the way this program will work are likely to be released in the coming days.
Additionally, through the Canada Emergency Business Account, banks will offer $40,000 loans to qualifying businesses which will be interest free for the first year. If you meet certain qualifications, up to $10,000 will be forgivable. It is expected that details of this loan and clarification on when applications will be made available will be provided next week.
Bank of Canada
The Governor of the Bank of Canada has cut the key interest target to 0.25 per cent, which is aimed at cushioning the economic shocks from COVID-19. They added that providing credit in the economy for businesses that need it should help lay the foundation for the economy's return to normalcy.