'It provides hope when hope is needed' GNCC President on 75% wage subsidy
Yesterday, Prime Minister Justin Trudeau announced the Federal Government would be subsidizing wages for small and medium sized businesses by 75%,
In an interview with 610CKTB's Tom McConnell, Greater Niagara Chamber of Commerce President and CEO Mishka Balsom says the announcement provides hope when hope is needed.
She says the wage subsidy is critical for companies like restaurants that have been able to adjust their business models to stay open during this time.
Balsom also says many businesses are adjusting their models so they can keep employees and work with the 75% subsidy.
She says the subsidy sets us up for quicker economic recovery.
Balsom says there are a number of things the government has offered to help non-essential business during this time.
Non-essential businesses, such as hair salons, have been ordered to close by the Ontario Government in order to practice social distancing.
One of the programs announced for these businesses is the Canada Emergency Business Account.
This account can provide interest-free loans of up to $40,000,
Balsom says the feedback to the announcement has been amazing within the Chamber of Commerce, but they have to look at this longer term.
What will this look like down the road? Will this change our permanent behaviour?
Balsom thinks it might.
More information for local businesses can be found on https://gncc.ca/