Small businesses are the backbone of our economy, and are vital for our families and communities across the country. They are facing economic hardship and uncertainty during the COVID-19 pandemic. That is why the Government of Canada is working around the clock to give these businesses the support they need so they can continue to make our country strong at this critical time.
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. Since the launch of the CEBA on April 9, 2020, more than 195,000 loans have been approved by financial institutions, extending more than $7.5 billion in credit to small businesses.