The Federal Government is expanding eligibility for small businesses to access key loans during the pandemic.
Prime Minister Justin Trudeau announced this morning the Canada Emergency Business Account will now be open to more businesses.
It used to be, you had to have a payroll of at least $50,000 leaving a lot of small businesses out.
Now that it's been lowered to a payroll requirement of $20,000 many small businesses will have access to a $40,000 loan.
Trudeau says so far, over 195,000 loans have been approved. That's more than $7.5 billion.
The PM also announced a Canada Emergency Commercial Rent Assistance Account which it will be working with the provinces to deliver soon.