Prime Minister announces additional support for small businesses




Prime Minister announces additional support for small businesses

Small businesses are the backbone of our economy, and are vital for our families and
communities across the country. They are facing economic hardship and uncertainty
during the COVID-19 pandemic. That is why the Government of Canada is working
around the clock to give these businesses the support they need so they can continue
to make our country strong at this critical time.
The Prime Minister, Justin Trudeau, today announced new measures to support
Canadian businesses so they can keep their doors open and their employees on the
job.
The Government of Canada is:
• Expanding the Canada Emergency Business Account (CEBA) to businesses that
paid between $20,000 and $1.5 million in total payroll in 2019. This new range
will replace the previous one of between $50,000 and $1 million, and will help
address the challenges faced by small businesses to cover non-deferrable
operating costs. Since the launch of the CEBA on April 9, 2020, more than
195,000 loans have been approved by financial institutions, extending more than
$7.5 billion in credit to small businesses.
• Announcing its intent to introduce the Canada Emergency Commercial Rent
Assistance (CECRA) program for small businesses. The program 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. Implementation of the program will require a
partnership between the federal government and provincial and territorial
governments, which are responsible for property owner-tenant relationships. We
are working with the provinces and territories to increase rent support for
businesses that are most impacted by the pandemic and we will have more
details to share soon.
These measures are part of the Government of Canada’s COVID-19 Economic
Response Plan, which has committed more than $107 billion in support to Canadians
and businesses facing hardship as a result of the pandemic. The government will
continue to monitor and respond to the wide-ranging impacts of COVID-19, and take
additional actions as needed to protect the health and safety of Canadians and stabilize
the economy.
Quotes
“We will always be there to support our Canadian businesses. That is why we are
working closely with the business community to make sure that our emergency
measures are as effective and inclusive as possible. Expanding the Canada Emergency
Business Account and making sure businesses can afford their rent is the smart thing to
do. Small businesses are the backbone of our communities, and will keep our economy
strong in this uncertain time.”
—The Rt. Hon. Justin Trudeau, Prime Minister of Canada
“We are committed to helping Canadians through this difficult period. By making the
Canada Emergency Business Account more accessible and introducing new measures
to support businesses, we are positioning them to be ready for the recovery that will
come. We will continue to do whatever it takes to ensure that Canadians are supported
through the outbreak, and that our economy remains resilient during these challenging
times.”
—The Hon. Bill Morneau, Minister of Finance