COVID-19 Update | Wage Subsidy, Tax Deferral and Interest Free Loans

As always, JMH is working hard to keep you updated on all of the changes, updates and announcements coming from the Government of Canada’s Economic Response Plan during COVID-19. Drew Jackiw summarizes today’s updates on Wage Subsidy, Tax Deferral and Interest Free Loans.

Wage Subsidy

As an update on today’s announcement from the Government of Canada, wage subsidy programs will be increasing for qualifying businesses. At this time, extremely limited information is available on this. 

We do not yet know all of the details regarding what the criteria is for a qualifying business, how to access the programs, or what those increases will be exactly.

GST

It was previously announced that tax deferral programs was be extended until June 1, 2002, for filing and August 1, 2020 for payment. Fortunately, GST has now also been extended until June 1, 2020 (without accruing interest).

Interest Free Loans

Interest free loans of up to $40,000 will be made available for small businesses for a period of one year. The added benefit here is that portions of these loans could end up being non-repayable.

Again, not a lot of details are available just yet, however we will continue to keep you updated as we receive more information! 

Stay safe out there.

 

Wage Subsidy, Tax Deferral and Interest Free Loans

🔸Wage Subsidy, Tax Deferral and Interest Free Loans🔸👉 As an update on today’s announcement from the Government of Canada, wage subsidy programs will be increasing for qualifying businesses. At this time, limited information is available and we do not yet know all of the details regarding what the criteria is for a qualifying business, how to access it, or what that those increases will be. 👉 It was previously announced that tax deferral programs will be extended until June for filing and August for payment. GST has also been extended until June and will not accrue interest. 👉 Interest free loans up to $40,000 will be made available for small businesses for a period of one year. There is an added benefit that portions of that loan could end up being non-repayable. Again, not a lot of details are available yet, but we will keep you informed as soon as we receive more updates. ☑️Stay safe out there. #YXH2gether #COVID19AB

Posted by JMH & Co. on Friday, March 27, 2020

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