More financial help is on the way for small and medium-sized Canadian businesses.
Prime Minister Justin Trudeau says restrictions on the Canada Emergency Business Account program (CEBA) are being lifted to help businesses that up until now, hadn’t been able to qualify for loans.
Under the program, qualifying businesses have been offered $40,000 loans from banks approved by the government.
To date, more than 195,000 loans have been approved, reflecting more than 7 and a half billion in credit to small and medium-sized businesses.
Trudeau says the changes will mean businesses who spent between $20,000 and $1.5 million in payroll in 2019 can now receive a loan.
To learn how to apply for the CEBA, click here
The Government will also be freeing up money for entrepreneurs for operational and immediate needs, by creating the Canada Emergency Commercial Rent Assistance program, which will help small and medium-sized businesses cover rent in April, May and June.
This program will be rolled out in collaboration with the Provinces as control over rents are mainly their domain.
Asked today about this program, Premier Doug Ford said he will be working with the federal government on it soon. He thinks both landlords and renters will need help.
We’re announcing changes to the Canada Emergency Business Account so more business owners can get the support they need to bridge to better times. Tune in now for the details and other updates: https://t.co/7mIuaWURph
— Justin Trudeau (@JustinTrudeau) April 16, 2020
Watch Trudeau’s full April 16th address below.