Ottawa has launched the Canada Emergency Business Account, which mandates government-guaranteed bank loans of up to $40,000 for small businesses. The loans will be interest-free for the first year and up to $10,000 can be waived for repayment.
The Canada Emergency Wage Subsidy is a federal benefit designed to help businesses cover up to 75% of wages and keep their employees on payroll.
The program includes organizations from bars and restaurants to charities, small businesses and large corporations.
Employees receiving the benefit, which requires employers to cover at least 25% of a worker’s wage, cannot apply for other unemployment benefits.