The Milton Chamber of Commerce, and business advocacy groups across the country, have been calling on the Federal Government to adjust criteria to expand the eligibility requirements for the Canada Emergency Business Account and to work with the Provincial Government to provide much needed commercial rent assistance.
We continue to be encouraged by the government’s willingness to respond to the concerns raised by our business community and to adjust eligibility to ensure the greatest number of businesses can access support programs.
Today’s announcement is certainly a step in the right direction and we anxiously await additional details.
Thank you for your continued engagement. Please continue to send your questions, concerns and solutions to our team so we can continue this very important advocacy work.
Canada Emergency Commercial Rent Assistance
Today, Prime Minister Justin Trudeau announced the government’s intent to introduce The Canada Emergency Commercial Rent Assistance Program. This program will seek to provide loans, including forgiveable 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.
We will continue to provide you with updates on the program.
Canada Emergency Business Account: New Eligibility Guidelines
Today, the Prime Minister announced the expansion of the Canada Emergency Business Account to businesses that paid between $20,000 and $1,500,000 in total payroll in 2019. This new range will replace the previous one of between $50,000 and $1,000,000.
The Canada Emergency Business Account provides interest-free loans, of up to $40,000, to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
If the business can repay the balance of the loan by the end of 2022, up to $10,000 will be forgiven.
Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.