New updates for all small businesses in Canada
New updates for all small businesses in Canada as announced today. Independents will be pleased as the OCSA has worked with other organizations like CFIB to lower the threshold to qualify for interest free loans:The Prime Minister, Justin Trudeau, today announced new measures to support Canadian businesses so they can keep their doors open and their employees on the job.The Government of Canada is:
· Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1 million, and will help address the challenges faced by small businesses to cover non-deferrable operating costs.
· Announcing its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. The program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June. Implementation of the program will require a partnership between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships. We are working with the provinces and territories to increase rent support for businesses that are most impacted by the pandemic and we will have more details to share soon.
The government will continue to monitor and respond to the wide-ranging impacts of COVID-19, and take additional actions as needed to protect the health and safety of Canadians and stabilize the economy.
WHERE TO START:
Whether you are self-employed, a small business owner, or an entrepreneur – you shouldn’t have to worry about having to lose your business or your job.
To get the help you need:
1. Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves.
2. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help.