Up to $10,000 of each tranche of the loan is forgivable if the loan is repaid by the end of 2022.
The government also announced regionally targeted support for businesses and additional funding for innovative businesses to ensure that “intellectual property rich firms have the support they need to face the challenges presented by COVID-19.” The added funds “will help Canada’s most innovative firms and industries weather the pandemic and grow into world leaders that will help drive growth and create jobs in the Canadian economy,” the government said Monday.
On a much smaller scale, the economic update recognized that many Canadians are working from home during the pandemic, and pledged to make it easier to claim home-office deductions.
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