Prime Minister Justin Trudeau addresses Canadians on the COVID-19 pandemic from Rideau Cottage in Ottawa on Wednesday, April 15, 2020. THE CANADIAN PRESS/Sean Kilpatrick

Trudeau unveils rental assistance for small businesses, loosens loan qualifications

Prime Minister says the program changes come in response to businesses saying not enough is being done

The federal government says it will be expanding the emergency loan program to allow for more businesses to be eligible, while also rolling out a new program to assist with rent and lease costs.

On Thursday (April 16), Prime Minister Justin Trudeau announced that businesses who spent more than $20,000 and $1.5 million on payroll in 2019 will be eligible to receive a loan through the Canada Emergency Business Account.

The CEBA, rolled out last month, gives eligible businesses a $40,000 loan with $10,000 in forgiveness – previously for business with payrolls between $50,000 and $1 million.

Trudeau said that more than 195,000 loans have been approved for small and medium sized businesses since its initial roll out.

Trudeau also announced a new Canada Emergency Commercial Rent Assistance program, which he said will help small businesses pay their rent for April, May and June.

ALSO READ: Trudeau announces pay top-up for essential workers, expands emergency benefit

Trudeau said more details will be on the way after the federal government convenes with individual provincial leaders.

On Wednesday, the Trudeau government announced an expansion to the Canada Emergency Response Benefit to include workers who have seen their hours cut due to COVID-19, instead of just those who have lost their jobs all together.

Trudeau will be hosting a weekly meeting with premiers from across the country, which will likely touch on care for seniors and the acquirement of personal protecting equipment.

While Thursday’s announcement from federal government promises more support, its main relief programs so far are a $40,000 interest-free loan and 75 per cent wage subsidies, though it has also called on landlords to be accommodating.

“We continue to call on landlords to exercise compassion and refrain from evictions during this difficult time for businesses and all Canadians,” said Ryan Nearing, press secretary to Small Business Minister Mary Ng.

He said earlier this week that both Ng and Finance Minister Bill Morneau are listening to small business owners and entrepreneurs and that they “continue to explore options to provide support in these unprecedented times.”

– with files from the Canadian Press


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Port Hardy’s top cop says goodbye, last day will be Oct. 30

‘I want to pause, reflect, and give thanks for my experiences and time given here’

Cops for Cancer: COVID-19 can’t stop Tour de Rock

‘having the chance to come back and ride this year means everything to me’

Port McNeill mayor elected as Director at Large with UBCM

Gaby Wickstrom ran for one of five spots against 13 other candidates

Heiltsuk First Nation calling on DFO to close fish farms, citing wild salmon extinction risk

Wild salmon returns have broken low records, have many concerned about future of wild fish

Everyone should be aware of the Labour Day movement

My hat is off to Tyson Whitney for his article on Labour Day.

B.C. reports 91 new cases as officials remain worried over ‘clusters of COVID-19

There have now been a total of 8,395 cases in B.C. since the pandemic began

Local councils important, Horgan says as municipal conference ends

B.C. NDP leader says ‘speed dating’ vital, but it didn’t happen

Penticton woman sentenced to one year in prison for manslaughter of teen boyfriend

Kiera Bourque, 24, was sentenced for manslaughter in the 2017 death of Penticton’s Devon Blackmore

B.C. Green leader says NDP abandoning environmental plan

Horgan’s claim of unstable government false, Furstenau says

Transgender B.C. brothers debut fantasy novel as author duo Vincent Hunter

‘Transgender people are being misrepresented in popular fiction and media, and we aim to change that’

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

‘Won’t be gathering for Thanksgiving:’ Trudeau says COVID-19 2nd wave underway

In all, COVID-19 has killed about 9,250 people in Canada

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

First 8 months of fatal overdoses in B.C. have now exceeded 2019 death toll

Nine people died every two days in August, BC Coroners Service data shows

Most Read