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

B.C. government to destroy old-growth caribou habitat

Letter from Wildsight Conservation Specialist Eddie Petryshen

The changing size of government in Canada, 2007–2018

“The size of government in Canada is an important matter of public policy.”

Times reporter recalls John Turner’s return to Rossland home

“Mr. Turner treated my wife, Gerry, and I like we were long lost friends.” - Jim Swettenham

West Kootenay mother searching for son missing since Sept. 1

Police are investigating the disappearance of Cory Westcott

Kootenay home sales are on the rise

The number of residential home sales in the Kootenays rose over 30 per cent in August 2020

B.C.’s top doctor thanks supporters after revealing threats over COVID-19 measures

Dr. Bonnie Henry says COVID-19 has caused some people to lash out in anger and frustration out of fear

2 British Columbians arrested, 3 at large in massive Alberta drug bust

Eight people are facing 33 charges in what police have dubbed Project Incumbent

Lumber hitting record high prices due to low supply and high demand

B.C.’s forest industry hasn’t been able to keep pace with the COVID-19 building boom

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

‘Monkey Beach’ supernatural film adaptation premiers at VIFF

Based on Kitamaat author Eden Robinson’s debut, mystical novel

B.C.-born Trybe social media app’s award system connects with Nickelback singer

Rock stars, jet planes, scooter tricks and the creation of a new platform ready for launch

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

B.C. VOTES 2020: Speculation tax misses speculators, B.C. Liberals say

Andrew Wilkinson, John Horgan clash over housing costs, solutions

Most Read