Canada’s tight-knit group of large banks can be a well-oiled machine in times of crisis, and may have been the logical choice to administer the federal government’s $71-billion program to pay a 75-per-cent wage subsidy to help small and medium-sized businesses weather the coronavirus crisis.
Since any portion of loans granted to cover wages would be backstopped by the government and forgiven, the banks would not even need to perform credit adjudication, he said. The 12-week Canada Emergency Wage Subsidy, unveiled last week, boosted a previously planned 10-per-cent wage subsidy with a promise to cover 75 per cent of a worker’s pay up to $847 a week. It is for firms that have lost 30 per cent of revenue or more and retroactive to March 15, though it could be May before the money is disbursed.
“The scope is so different from 2008 and 2009,” he added. “This is an elephant — the government — sitting on the economy.”
In Shanghai shops have reopened. But some 20 percent are not longer in business COVIDCanada COVID19Ontario
If a small business cannot wait six weeks for help only suggests there were in trouble prior to COVID, if anything it will save small businesses
As the signs on the window say, stay strong and wash your hands 😂
May be too long? It’s ridiculous. I feel like if you need financial support from the Canadian government immediately you’ll have to move to Africa or Palestine or something!
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