21 Mar Update on COVID-19: New Measures to help Nova Scotians and Businesses
$161 million is being invested to address cash flow and access to credit for small and medium-sized businesses in our province.
Payments for all of the following are deferred until June 30th:
• All government loans. This includes those under the Farm Loan Board, Fisheries and Aquaculture Loan Board Jobs, Jobs Fund, Nova Scotia Business Fund, Municipal Finance Corp. and Housing Nova Scotia.
• All small business fees, including business renewal fees and workers compensation premiums.
The following changes to the Small Business Loan Guarantee Program have occurred:
• Principal and interest payments are deferred until June 30th.
• The program is being enhanced to make it easier to access credit up to $500,000.
• For those who might not qualify for a loan, the government will guarantee the first $100,000.
Additional measures that are now in effect:
• Small businesses which do business with the government will be paid within five days, instead of the standard 30 days.
• Payments on Nova Scotia student loans are suspended for six months, from March 30th to September 30th. Students do not have to apply.
• To ensure that more Nova Scotians can access the internet to work from home, $15 million is being provided as an incentive to providers to speed up projects under the Internet for Nova Scotia Initiative and complete them as soon as possible.