Lloydminster business owners may soon receive help as both provinces work on financial plans during the COVID-19 pandemic.
The Alberta Government is releasing several new financial breaks, ranging from small business assistance to helping individual residents.
Education property tax deferrals and freezes
The Alberta government has cancelled the decision made in Budget 2020 and will freeze education property taxes at last year’s level.
The 3.4 per cent population and inflation adjustment are also being reversed. They say it will save Alberta households and businesses about $87 million in 2020-21, with $55 million for households and $32 million for employers.
Alberta will also be deferring the education property tax for businesses. In the next six months, $458 million is projected to remain with employers to help them pay employees and continue operations.
The government also expects municipalities to set their set education property tax rates as they normally would, but defer collection for future tax years.
Workers Compensation Board premium deferrals
Alberta will be postponing WCB premiums until early 2021, effectively for one year. Businesses who have already paid their 2020 dues are eligible for a rebate or credit. Small and medium businesses will have 50% of their premium covered when it is due, costing the government around $350 million.
In the meantime in Saskatchewan, a previously announced Business Response team has begun work. Led by the Ministry of Trade and Export Development, will work with businesses to identify supports for them both from the Province and the Feds.
A webpage, toll-free phone number and email are now available for business owners.