75% Wage Subsidy + $40K Loans to Business Owners

Small businesses will now be able to receive up to 75 per cent in federal government funds in order to keep paying their employees during the COVID-19 pandemic – up from the previously announced 10 per cent subsidy plan. 

Also, under the new Canada Emergency Business Account, storefront businesses will also qualify for up to $40,000 in loans which will be interest-free for one year, with up to $10,000 forgiven, Trudeau said. Business owners will have until June to pay GST and HST payments while taxes on imports will also be suspended.