Trudeau announces Canada Commercial Rent Assistance to help small businesses with their lease
Small businesses across the country have called out for help with rent in the face of nationwide shutdowns, and it appears the Canadian government has heard them.
Premier Justin Trudeau announced today that the federal government is launching the Canada Commercial Rent Assistance program, which will assist small businesses in covering their leases for April, May and June.
Speaking in Ottawa, PM Trudeau announces further aid for businesses affected by #COVID19:— CPAC (@CPAC_TV) April 16, 2020
—Emergency Business Account eligibility threshold expanded to all businesses w/ $20K–$1.5M payroll in 2019
—to work w/ provinces on commercial rent assistance for small businesses#cdnpoli pic.twitter.com/Kv4JOrWW7S
The news comes after many businesses have faced lockouts and evictions after being unable to pay April's rent due to the COVID-19 pandemic.
Advocacy groups have been petitioning the government to implement some kind of rent relief for businesses at risk of shutting down while the country remains in lock down.
NEW: PM announces creation of "Canada Emergency Commercial Rent Assistance". Few details right now but requires working with provinces. "This program will provide support to help small businesses with their rent for the months of April, May, and June."— Vassy Kapelos (@VassyKapelos) April 16, 2020
The government also a said today that eligibility for the Canada Emergency Business Account (CEBA) would be expanded to include more small and medium businesses, something many businesses had stressed was an issue.
Canada Emergency Business Account is expanding eligibility to include companies that spent between $20K and $1.5M in total payroll in 2019. 195,000 CEBA loans already approved.— Colin Fast (@policyfrog) April 16, 2020
Canada Emergency Commercial Rent Assistance is on the way to help businesses pay rent for April-June.
Trudeau said details about the Canada Commercial Rent Assistance program are still being sorted out with the provinces and he'll have more information soon.
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