Coronavirus outbreak: Morneau outlines measures feds taking to mitigate economic impact of COVID-19
Finance Minister Bill Morneau says the federal government is deferring GST/HST payments from businesses until the end of June so companies have money to pay their employees and bills during the COVID-19 crisis. He says the move will leave around $30 billion in cash in the hands of businesses. Morneau also says small businesses that access up to $40,000 in government-guaranteed, interest-free loans from banks to help endure the crisis could be allowed to keep up to $10,000 if they repay the rest of the loan by the end of 2022. The measures are part of a broader package of federal support for small businesses announced on Friday amid concerns about the impact the pandemic will have on the economy.