Prime Minister Justin Trudeau has announced more measures to help Canadian businesses get through the COVID-19 crisis, including expanded loan eligibility and assistance with commercial rent.
Prime Minister Justin Trudeau has announced more measures to help Canadian businesses get through the COVID-19 crisis, including expanded loan eligibility and assistance with commercial rent.
The previously announced loan program, which offers businesses up to $40,000 in a government-backed loan, will now be available to businesses with payrolls worth between $20,000 and $1.5 million. Previously, the interest-free loan was for those with payrolls worth between $50,000 and one million.
Up to $10,000 of the loan is non-repayable.
Trudeau said 195,000 loans amounting to about $7.5 billion have been approved since the loan program opened for applications a week ago.
Trudeau also announced a plan to help small businesses pay commercial rents for April, May and June. He said that plan will be worked out with the premiers, as rent issues fall under provincial jurisdiction.
The Canadian Federation of Independent Business (CFIB) said changes to the loan program will help more small businesses access the funds, but added new firms, the self-employed and businesses that pay with dividends still will not qualify.
Watch: Trudeau on more aid for businesses
Prime Minister Justin Trudeau says the eligibility terms for the new business loan program is expanding and that commercial rent help for April, May and June is on the way. 1:56
On the commercial rent support, the CFIB said the costs should be reduced or eliminated, not just deferred.
“Many firms are worried that deferring rent and