New Support for Canadian Businesses Announced

16. April 2020 0

Prime Minister Justin Trudeau has announced more measures to help Canadian businesses survive the economic consequences of the COVID-19 pandemic.  The increased measures include expanding eligibility for the previously announced loan program for small businesses and assistance with commercial rent.

The loan program provides businesses with access to a loan of up to $40,000, backed by the government and with $10,000 of the loan being forgivable.   As originally announced the interest free loan was available for businesses with payrolls between $50,000 and one million.  This has now been expanded to be available to businesses with payrolls between $20,000 and $1.5 million.

Prime Minister Trudeau also announced a plan to help small businesses pay commercial rents for the months of April, May and June.  As rent issues fall under provincial jurisdiction, the details of this plan will have to be coordinated with the premiers.  Those details should be available in the near future.

Changes to Provincial and Federal Covid-19 Benefits happen rapidly and often.  We update our helpful Benefit Chart just as frequently.  Stay current on the most essential benefits available by visiting our chart.  We’ll be posting on LinkedIn whenever it is updated.  Or you can find it on the Harper Grey COVID-19 Resource Hub – check it out here.

This update was authored by Rose Keith, QC. Looking for more information on developments regarding the evolving COVID-19 pandemic? Contact Rose at rkeith@harpergrey.com or anyone else listed on the authors page.