Feds to unveil today details of loan program for large corporations

By | May 20, 2020

OTTAWA — The federal government is beefing up efforts to persuade businesses to rehire workers now that Canada’s economy is starting to emerge from the COVID-19 lockdown.

It is expected today to unveil more details of its promised loan program for large corporations and commercial rent relief for small- and mid-sized businesses.

That includes more information on how businesses can apply for the programs and what conditions will apply.

Today’s focus follows last week’s extension of the 75 per cent wage subsidy for three months, to the end of August, and Tuesday’s announcement that the government is expanding the eligibility criteria for its small business loan program.

The latter program provides interest-free loans of $40,000 for eligible small businesses to cover costs like rent and utilities, with the possibility of forgiving one-quarter of the amount if it is paid off by the end of 2022.

Tuesday’s fix extended the program to companies that don’t have traditional payrolls, such as family-run businesses that pay themselves in dividends and companies that employ only contractors.

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