On March 24, the Government of New Brunswick announced assistance to support New Brunswick businesses. The assistance will support our economy, help keep our workers employed, and enable businesses to continue to operate. The assistance is complimentary to existing federal and partner institution support and is targeted to specifically address impacts associated with COVID-19. The province will continue to monitor economic impacts and respond proactively to the needs our businesses and our employers. What we are doing:
Waiving late penalties on property taxes:
- Though business property taxes must be paid by May 31, late penalties will be reviewed on a case-by-case basis to see if the penalty can be waived due to undue financial challenges, such as having to close a business due to COVID-19.
Deferring interest and principal payments on existing loans:
- As an immediate measure, and on a case-by-case basis – the Government of New Brunswick will defer loan and interest repayments for up to six months on existing provincial loans.
- This support will enable businesses to have immediate relief if they are experiencing difficulties as a result of COVID-19.
- This assistance is available, on a case-by-case basis, to any business that has a loan with an existing Government of New Brunswick department. The deferral can be requested by contacting the department that issued the loan.
Support for small business
- To support our small businesses, the Government of New Brunswick will provide working capital to support small businesses. Loans will help companies respond to challenges associated with COVID-19.
- Loans will be up to $100,000.
- Opportunities New Brunswick (ONB) will work with a trusted partner to administer the application process.
- More details will be available on application process in the coming days.
Injecting needed working capital for mid-to-large employers:
- Opportunities New Brunswick will make available support mid-to-large sized employers.
- ONB will also provide – upon request – working capital in excess of $100,000 to help large employers manage the impacts of COVID-19 on their operations.
- Large employers will be able to apply for this assistance directly from Opportunities New Brunswick.
WorkSafeNB has announced assessment premiums related to employer payrolls for March, April and May will be deferred for three months without interest charges.