More help for small, medium-sized businesses in Canada, but border won’t reopen yet, PM says
Posted April 16, 2020 10:20 am.
Last Updated April 16, 2020 5:48 pm.
This article is more than 5 years old.
OTTAWA (NEWS 1130) — The federal government has announced more help for small- and medium-sized businesses struggling financially during the COVID-19 pandemic.
Prime Minister Justin Trudeau said during his daily briefing on Thursday his government is expanding the eligibility criteria for small- and medium-sized businesses applying for the Canada Emergency Business Account Program, which offers businesses government-backed, interest-free loans.
It will now be available for any business that spent $20,000 to $1.5-million on payroll in 2019.
Trudeau announces expansion to the Canada Emergency Business Account.
Will now be available for any business that spent between $20,000 – $1.5 million on payroll.
Says so far 195,000 loans have been approved, worth $7.5-billion in credit #cdnpoli #COVID19— Cormac Mac Sweeney (@cmaconthehill) April 16, 2020
So far, 195,000 loans — worth $7.5 billion — have been approved through the program, he said, but added more help is needed.
Trudeau announced there would also be rental assistance under the new program, but that details were still being worked out with provinces and territories.
“This program will provide support to help small businesses with their rent for the months of April, May, and June,” he told reporters. “No one should feel as if they’re alone in this fight. Our government is here to help you through these challenging times.
No plans to reopen border, yet
The expanded aid comes as the United States considers easing restrictions and reopening its economy.
Despite similar talk among provinces, Trudeau said Canada was weeks away from seriously considering that. On President Donald Trump’s mulling of easing travel restrictions at the Canada-U.S. border, Trudeau asserted that was not being considered by our government yet.
“We know that there is significant amount of time, still, before we can talk about loosening such restrictions,” he said. “We recognize that there is a need to protect our citizens, as every country is doing. Most countries around the world move forward on restricting travel, and Canada and the United States are no exception.”
Trudeau asked if he'll discuss reopening economy with Premiers. Trudeau says he knows there are a lot of discussions about economy, but warns there is danger to reopening too soon. Says while some talks are being had we are still many weeks away from reopening #cdnpoli #COVID19
— Cormac Mac Sweeney (@cmaconthehill) April 16, 2020
The border has been closed since March 21 to non-essential traffic. Meanwhile, international flights are currently only able to land at four airports — Vancouver, Toronto, Calgary, and Montreal — to assist with heightened screening efforts amid the pandemic.
Trudeau added it would be “absolutely disastrous” to reopen the economy too soon, which would potentially allow another resurgence of cases of COVID-19, undoing all efforts to try and contain the virus to date. The prime minister said reopening can’t be possible until the country has a plan in place to respond to the second or third waves of the COVID-19 pandemic.
Meanwhile, Trudeau said he had spoken with G7 leaders who all agreed countries need to continue working toward a vaccine and treatments for the coronavirus.
