On April 16th, the Federal government expanded the eligibility requirements for the previously announced Canada Emergency Business Account (CEBA) and announced its intent to introduce the Canada Emergency Commercial Rent Assistance (CECRA) program for small businesses.
Businesses that paid between $20,000 and $1.5 million in total payroll in 2019 are now eligible for the government-guaranteed, $40,000 CEBA loans which are accessed through Canada’s major financial institutions. This is an expansion from the previously announced payroll expense range of $50,000 to $1 million.
The CECRA program was also announced, which aims to provide loans, including forgivable loans, to commercial property owners who will then lower or forgo the rent of small businesses for the months of April, May and June. Other than the name and the intent of the program, no parameters were announced and details are expected following a meeting with the Federal government and the Premiers of Canada this week.
