During his press conference today, Prime Minister Trudeau announced the expansion of the Canada Emergency Business Account (CEBA). Read more about financial support programs for business.
Support is now available for businesses that paid between $20,000 and $1.5 million in total 2019 payroll. The previous criteria was $50,000 to $1-million in payroll.
Prime Minister Trudeau also announced the intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small business. The program will seek to provide loans, including forgiveable loans, to commercial property owners who in turn will lower the forgo the rent of small businesses for the months of April (retroactive), May and June. This will require a partnership with the Ontario government who is responsible for property owner-tenant relationships. More details on this initiative is still to come.
READ the response to these announcements from the Ontario Chamber of Commerce.