Small businesses across the country are getting additional supports to help them during the COVID-19 pandemic.
The federal government announced on Thursday they were expanding its Canada Emergency Business Account program, allowing businesses who paid between $20,000 and $1.5 million in total payroll in 2019 to be eligible.
Previously, the program only supported those who paid out between $50,000 and $1 million.
Since its launch on April 9, CEBA has provided over 195,000 loans – extending around $7.5 billion in credit.
“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,” said Prime Minister Justin Trudeau, in a release.
“Small businesses are the backbone of our communities, and will keep our economy strong in this uncertain time.”
Meanwhile, the federal government is also looking into launching the Canada Emergency Commercial Rent Assistance.
This program would provide loans, including forgivable loans, to commercial property owners who will, in turn, lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
To ensure CECRA moves forward, the government of Canada is planning on partnering with the provincial and territorial governments who oversee property owner-tenant relationships.
