by Morinville News Staff
Prime Minister Justin Trudeau announced new measures Thursday that the federal government says would support Canadian businesses so they can keep their doors open and their employees on the job.
“We will always be there to support our Canadian businesses. That is why we are working closely with the business community to make sure that our emergency measures are as effective and inclusive as possible,” Trudeau said. “Expanding the Canada Emergency Business Account and making sure businesses can afford their rent is the smart thing to do. Small businesses are the backbone of our communities, and will keep our economy strong in this uncertain time.”
Chief among the changes was lowering the minimum payroll requirement to be eligible for the Canada Emergency Business Account (CEBA) from $50,000 in 2019 to $20,000. The feds believe the new range will help address the challenges faced by small businesses to cover non-deferrable operating costs.
More than 195,000 loans totalling more than $7.5 billion have been approved by financial institutions since the CEBA program began Apr. 9.
The federal government is also planning to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program would provide loans, including forgivable loans, to commercial property owners who lower or forgo the rent of small businesses for the months of April to June. To succeed, the program will need partnership between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships.
More information on the Canada Emergency Business Account can be found at https://ceba-cuec.ca