Canadian Federal and Provincial Covid-19 Updates: More New Measures for Small Businesses
Federal Government Update - April 16, 2020
The following information is based on Prime Minister Trudeau's Thursday morning announcement:
Canada Emergency Business Account Adjustments (CEBA)
CEBA is a $40,000 government‑guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non‑deferrable expenses which are critical to sustain business continuity.
The government is expanding CEBA by increasing and decreasing the eligibility thresholds:
- Companies who spent between $20,000 and $1.5 million dollars in total payroll in 2019 will be eligible to receive a loan. This money can be used to cover operational costs and other operational needs.
Canada Emergency Commercial Rent Assistance
Canada Emergency Commercial Rent Assistance program will help small businesses cover their rents for April, May, and June. The assistance is being rolled out in collaboration with the provinces and territories as it's within their jurisdictions. More details to come soon.
Provincial Government Update
Premier John Horgan announced yesterday that the state of emergency extended until April 28.