Trudeau Announces Additional Small Business Support

Prime Minister Justin Trudeau announced more help for small businesses to help keep Canadians employed.

The federal government will be expanding the Canada Emergency Business Account (CEBA) as well as introducing help for Commercial renters.  “Expanding the Canada Emergency Business Account and making sure businesses can afford their rent is a smart thing to do,” Prime Minister Justin Trudeau said.

The new adjustments break down as follows:

• Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1 million, and will help address the challenges faced by small businesses to cover non-deferrable operating costs. Since the launch of the CEBA on April 9, 2020, more than 195,000 loans have been approved by financial institutions, extending more than $7.5 billion in credit to small businesses.
• Announcing its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships. We are working with the provinces and territories to increase rent support for businesses that are most impacted by the pandemic

“We are committed to helping Canadians through this difficult period,” Finance Minister Bill Morneau said.