More Supports for Small Businesses

Michelle Mak COVID-19, Finance, Newcomer Information, Updates

On April 16, 2020, Prime Minister, Justin Trudeau, announced new measures to support Canadian small businesses.

The Government of Canada is:

  • Helping a wider range of Businesses: Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. The previous range was $50,000 to $1 million.

  • Helping Small Businesses with their Rent: The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.

More details will be shared soon.

For more information, please visit: https://pm.gc.ca/en/news/news-releases/2020/04/16/prime-minister-announces-additional-support-small-businesses