(File Photo/northeastNOW Staff)

By Mat Barrett

response to federal funding

‘Financial bridge’: Humboldt Chamber weighs in on federal funding announcement for businesses

Mar 31, 2020 | 8:00 AM

Humboldt’s Chamber of Commerce members are likely to benefit from the federal government’s announcement of funding to help businesses across Canada.

On Friday, March 27, Prime Minister Justin Trudeau announced new measures to help out small businesses. Those measures included, bumping up the wage subsidy to 75 per cent from 10 per cent, and allowing businesses to apply for an up to $40,000 loan interest free for one year. There’s also another loan open for small or medium sized businesses, and businesses are also given more time to pay their GST or HST.

One addition that was announced regarding the wage subsidies however, is businesses will have to prove revenues dropped by 30 per cent.

Humboldt Chamber Executive Director Brent Fitzpatrick said most businesses suffered a revenue decline by that much due to the COVID-19 pandemic. He said the subsidy should help retain some employees for businesses who may have had to resort to layoffs.

“Having their wage subsidized to 75 per cent, it’s going to make it much much easier for everybody to retain that knowledge and experience you have in your workplace,” he said.

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Fitzpatrick said local businesses in Humboldt and area are adjusting and trying to keep things going.

“They’re working out of their homes, or out of the businesses. The doors are closed, of course, for many businesses,” he said. “But they’re letting their clients know that the product can still be delivered, they’re just going to be delivered in a different fashion.”

Fitzpatrick added they hope businesses don’t have to shut their doors for good, but said with the uncertainty of how long things will last, they will take somewhat of a hit. He said the funding should help.

“It’s all part of putting in place a financial bridge that gets us to the other side of the restrictions,” Fitzpatrick said.

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mat.barrett@jpbg.ca

On Twitter: @matbarrett6