Lloydminster Chamber optimistic about new federal supports for businesses
Chamber of Commerce sign. (Tre Lopushinsky, 106.1 The Goat)
The Lloydminster Chamber of Commerce applauds the federal government for their latest measures in supporting small and medium sized businesses. Prime Minister Justin Trudeau announced a 75 per cent wage subsidy for small and medium-sized businesses in the country.
“We’re very optimistic about this announcement today and I think it will help our business community immensely,” Chamber Vice President Paul Melrose-Wyatt says.
Melrose-Wyatt says approximately 80 to 85 per cent of their membership is small and medium sized businesses. He adds the new incentives will put people at ease as they know they will still be able to earn when the recovery starts.
“We’ve heard of a few businesses like the restaurants and services that have to be closed because they have no other choice but to lay off. If they are able to qualify for these incentive programs it will make a huge difference in our community. People can relax a little bit and focus on getting through this crisis.”
The prime minister also encouraged business owners to rehire employees that were laid off. The government also launched the Canada Emergency Business account which allows companies to apply for loans up to $40,000 interest-free for a year. Also, all GST and HST payments have been waived until June.
“We believe that the announcement will allow cash flow to continue within the local business community and will help ensure that when this pandemic passes Canadian businesses and their employees will be there to restart our economy.”
Full details on the program are expected to be released on Monday, March 30.
Melrose-Wyatt encourages local businesses to contact the chamber to stay informed on the latest government funding and business supports.