Home / Politics / Trudeau to highlight interest-free loans to help small businesses weather COVID-19 pandemic

Trudeau to highlight interest-free loans to help small businesses weather COVID-19 pandemic

While Canadian businesses await Parliament to approve a $73-billion wage subsidy program, Prime Minister Justin Trudeau is anticipated to highlight at present one other measure that may tide some firms over within the meantime.

At his each day briefing on the lethal COVID-19 pandemic, Trudeau is anticipated to draw consideration to the Canada emergency enterprise account.

Under this system, the federal authorities is backing interest-free financial institution loans of up to $40,000 for small businesses and not-for-profit firms which have seen their revenues drop because the economic system has deteriorated.

Qualifying firms have to be in a position to show that they paid between $50,000 and $1 million in whole payroll final yr.

Canada’s banks and credit score unions started providing the loans on Thursday. One-quarter of every mortgage shall be forgivable if the rest is paid off by the top of 2022.

Parliament recalled to vote on wage subsidy program 

The loans are supposed to give small businesses some operational money to preserve afloat till different measures kick in, notably the huge wage subsidy program.

The authorities has recalled Parliament for Saturday to vote on laws required to implement this system, underneath which firms shall be in a position to get a 75-per-cent subsidy on every worker’s wages.

Throughout the previous week, the Liberals had tried to safe unanimous consent for the invoice earlier than recalling Parliament, so as to guarantee it may be handed inside a number of hours, bypassing the same old prolonged legislative course of.

But though there’s broad settlement on the invoice itself amongst all events, negotiations slowed down over the Conservatives’ insistence that there have to be common, in-person sittings of the House of Commons so as to maintain the federal government to account all through the well being disaster.

Scheer requires small common sittings 

That concern stays unresolved, however the authorities determined to push forward with a Saturday sitting of the Commons anyway. Liberals hope the Conservatives, like all the opposite events, will agree to cross the wage subsidy invoice shortly and proceed separate discussions on the longer-term concern of how Parliament ought to perform through the disaster.

Trudeau has signalled that he favours digital sittings of the Commons, which might permit extra MPs from all components of the nation to take part and preserve Commons employees safer.

For Saturday’s sitting, simply 32 MPs — primarily inside driving distance of the capital and in proportion to every social gathering’s share of the seats — are to be within the chamber.

Scheer has proposed an identical association for normal sittings 4 days every week going ahead.

To help curb the unfold of COVID-19 and in step with public well being recommendation that every one Canadians ought to keep residence as a lot as doable, Parliament has been adjourned since March 13.

It was recalled for in the future two weeks in the past to cross the primary section of emergency support to Canadians and businesses.

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