This article was revised to include the most recent provincial travel updates as of May 28th, 2020. While the term “unprecedented” is being used frequently in the context of the COVID-19 pandemic and the measures that have been taken in response to it, one context where the word can legitimately be applied is the restrictions […]read more
Newsflash: NS Government Rolls Out Aid for Small- and Medium-Sized Enterprises
The Nova Scotia Government today announced $161 million of funding would be made available for small- and medium-sized businesses in Nova Scotia to help them cope with the impact of COVID-19.
The Nova Scotia Government announced measures to be taken include:
• Repayment of government loans, business-related fees, and Workers’ Compensation premiums will be put on hold until the end of June.
• Halting payments and interest on loans under the Jobs Fund, Municipal Finance Corporation and Housing Nova Scotia, and other public programs. This includes repayments on loans being administered on the government’s behalf by Nova Scotia Credit Unions. A list of all public programs under which fees will temporarily not be collected will be posted online soon.
• Strengthening the province’s Small Business Loan Guarantee program. Businesses can apply for up to $500,000 to address cash flow issues, with the government guaranteeing up to the first $100,000 for those who would not otherwise qualify for credit.
We will continue to watch for updates from the Nova Scotia Government regarding specifics as to what businesses qualify for these measures, as well as other measures not stated in the province’s news release.