Small businesses are the backbone of our economy, and are vital for our families and communitiesacross 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 clockto give these businesses the support they need so they can continue to makeour country strong at this critical time. ThePrime Minister,Justin Trudeau, todayannounced new measuresto support Canadian businessesso they can keep their doors open and their employees on the job.The Government of Canada is:
•Expandingthe 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 previousone of between $50,000 and $1 million, and will helpaddress the challenges faced by small businesses to cover non-deferrable operating costs. Since thelaunchof the CEBAon April 9, 2020, more than 195,000 loans have been approved by financial institutions, extending more than $7.5billion in credit to small businesses.
•Announcing its intent to introduce theCanada 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, andtake additional actions as needed toprotect the health and safety of Canadians andstabilize the economy.
“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 supportbusinesses, 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.”—TheHon. Bill Morneau, Minister of Finance