PM announces more programs to help small businesses

Apr 16, 2020 | 9:11 AM

Small businesses are getting more COVID-related support from the federal government.

Prime Minister Justin Trudeau said the Canada Emergency Business Account (CEBA) has been expanded to make more businesses eligible for bank loans of up to $40,000 to help with operational costs and other needs.

“Now business who spent between $20,000 and $1.5 million in total payroll in 2019 will be able to receive a loan through the CEBA,” said Trudeau at his national address on Thursday.

He added to date, 195,000 loans have been approved, worth 7.5 billion dollars in credit.

Trudeau also announced a new Canada Emergency Commercial Rent Assistance to help small to medium businesses pay their rent for April, May and June.

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“To implement this program we have to work with the provinces and territories as they govern rental relationships, and we hope to have more details to share very soon,” he said.

Trudeau will hold a virtual meeting with provincial leaders later today.

The P-M was also asked about U.S. President Donald Trump wanting to reopen the border, but Trudeau said Canada is still several weeks away from considering that, saying there is a need to protect our citizens.

“We know there is a significant amount of time before we can talk about loosening such restrictions.”

Trudeau reiterated his comments from earlier this week that it will be “several more weeks’ before plans to restart the economy are rolled out.

“It would be absolutely disastrous for us to open up too early or too quickly and have another wave hit us that could be just as bad and this one.”

Trudeau also supported the need for the World Health Organization which he called an important part of coordinating public health information between countries.

President Trump has announced the U.S.plans to withdraw its $560 million in annual funding to the WHO.

by Pete McIntyre

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