RELAX. IMO H&R WAITING TO GOVERNMENT RENT SUPORTING DETAILS. Prime Minister Justin Trudeau has announced more measures to help Canadian businesses get through the COVID-19 crisis, including expanded loan eligibility and assistance with commercial rent.
The previously announced loan program, which offers businesses up to $40,000 in a government-backed loan, will now be available to businesses with payrolls worth between $20,000 and $1.5 million. Previously, the interest-free loan was for those with payrolls worth between $50,000 and one million.
Up to $10,000 of the loan is non-repayable.
Trudeau said 195,000 loans amounting to about $7.5 billion have been approved since the loan program opened for applications a week ago.
Trudeau also announced a plan to help small businesses pay commercial rents for April, May and June. He said that plan will be worked out with the premiers, as rent issues fall under provincial jurisdiction.
Conservative Leader Andrew Scheer is holding a news conference at 3:30 p.m. ET and CBCNews.ca is carrying it live.
Business groups praised the measures announced today but called for even broader eligibility requirements and quick delivery of rent relief.
The Canadian Chamber of Commerce said rent is one of the biggest fixed costs for businesses and the ability to pay it is often a factor in determining whether a firm can survive.
"Every day of delay leads to more job losses and businesses permanently closing their doors. We must act fast to help our businesses," the business advocacy group said in a statement.
Watch: Trudeau on more aid for businesses