The Canadian government has announced that it will be expanding its Canada Emergency Business Account program. The new changes will provide interest-free loans to qualified small to medium businesses that are struggling with the impact of COVID-19.
The new program rules will allow any small business or non-profit, with 2019 payroll expenditures between $20,000 to $1.5 million, a loan of up to $40,000. The government will also forgive 25% of the loan if it is paid back in full by December 31, 2022.
The announcement also introduced the Canada Emergency Commercial Rent Assistance program. The federal government will work alongside provincial governments to aid small businesses with rent payments during April, May and June of this year. More information regarding this new program will be available in the upcoming week.