The provincial government has announced several initiatives to address cash flow and access to credit for small and medium sized businesses in Nova Scotia:
- The Small Business Impact Grant provides a one-time grant equal to 15% of revenue from sales, either from April 2019 or February 2020, up to a maximum of $5,000 to eligible small businesses, non-profits, charities and social enterprises who have had to close or greatly reduce operations because of the public health order.
- The COVID-19 Rent Deferral Support Program will indemnify qualified landlords for losses incurred as a result of granting a rent deferral to qualified businesses directly impacted by the Health Protection Act orders related to the COVID-19 pandemic.
- Payment deferrals until June 30 on all government loans, including those under the Farm Loan Board, Fisheries and Aquaculture Loan Board, Jobs Fund, Nova Scotia Business Fund, Municipal Finance Corp. and Housing Nova Scotia.
- Fees, including business renewal fees and workers compensation premiums, will be deferred. A list of applicable fees will be posted online.
- Changes to the Small Business Loan Guarantee Program, administered through 15 provincial Credit Unions, include deferring principal and interest payments until June 30.
- Other changes to the Small Business Loan Guarantee Program include enhancing the program to make it easier for businesses to access credit up to $500,000. Other changes to this program will be announced soon.
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