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The federal government has announced it will expand the emergency loan program to allow more businesses to qualify, while rolling out a new program to help pay rent and rental costs.
On Thursday (April 16), Prime Minister Justin Trudeau announced that businesses that spent more than $20,000 and $1.5 million in payroll in 2019 will be eligible to receive a loan through the Account. emergency for Canadian businesses.
The CEBA, launched last month, gives eligible businesses a $40,000 loan with a $10,000 discount — previously for businesses with payrolls between $50,000 and $1 million.
Trudeau said more than 195,000 loans have been approved for small and medium businesses since its initial rollout.
Trudeau also announced a new Canada Emergency Commercial Rent Assistance Program, which he said will help small businesses pay their rent for April, May and June.
Trudeau said more details would be on the way after the federal government meets with individual provincial leaders.
On Wednesday, the Trudeau government announced an expansion of the Canada Emergency Response Benefit to include workers who have had their hours reduced due to COVID-19, instead of just those who lost their jobs all together.
Trudeau will host a weekly meeting with premiers across the country, which will likely discuss elder care and the acquisition of personal protective equipment.
While Thursday’s announcement from the federal government promises more support, its main relief packages so far are a $40,000 interest-free loan and 75% wage subsidies, though it also called on landlords to be accommodating.
“We continue to call on landlords to show compassion and refrain from evictions during this difficult time for businesses and all Canadians,” said Ryan Nearing, press secretary to Small Business Minister Mary Ng.
He said earlier this week that Ng and Finance Minister Bill Morneau are listening to small business owners and entrepreneurs and are “continuing to explore options to provide support during these unprecedented times.” .
– with files from The Canadian Press
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