(The Canadian Press)

By Glenn Hicks

Wage Help

Feds increase wage help for business amid COVID-19 pandemic

Mar 27, 2020 | 4:01 PM

The Prince Albert and District Chamber of Commerce is applauding the latest federal government move to keep businesses afloat amid the COVID-19 pandemic.

Ottawa will now offer a 75 per cent wage subsidy to qualifying small and medium-sized enterprises (SMEs) who have been affected by the pandemic. Previously it had announced a 10 per cent wage subsidy. It is backdated to March 15. Also, an emergency account will offer loans up to $40,000 interest free for one year, $10,000 of which may be forgivable to qualifying businesses.

“Anybody who still has employees who are working, I would imagine this will come as a relief,” CEO of the local chamber Elise Hildebrandt told paNOW. But she added the details of the package were still scarce, including which businesses would qualify. She was hoping to get an update soon from federal officials and post the details to the chamber website.

Hildebrandt said the $40,000 loans would be a benefit for local firms.

“We’ve had a lot of concerns from people who are paying leases and commercial rent, so hopefully that’s bit of a start and will help,” she said.

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In a media release the Canadian Federation of Independent Business (CFIB) said it welcomed the subsidy and thanked the federal government for responding to calls from small business for a more significant wage subsidy.

It said the 75 per cent subsidy would not help every company or employee, but would help small firms retain hundreds of thousands of workers who would otherwise be laid off.

The CFIB added the backdating to March 15 would allow some small businesses that had to lay off staff rehire them quickly.

“Ensuring as many workers as possible remain connected to and paid by their employers will reduce the financial and mental stress on workers and ensure that Canada’s economic recovery will begin the day after the health emergency phase ends,” the CFIB noted in their statement.

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glenn.hicks@jpbg.ca

On Twitter:@princealbertnow