Over $1 billion will be made available to small businesses and startups: Trudeau
Prime Minister Justin Trudeau announced over $1 billion in support for small businesses and startups that do not qualify for the Canada Emergency Business Account (CEBA) and federal wage subsidy.
On Friday, Trudeau said that $962 million will be made available to regional and community development agencies and the Community Futures Network, which will help small and medium-sized businesses that do not qualify for CEBA, especially for those in rural communities.
“More businesses and smaller employees in rural areas need to get the proper support,” Trudeau said.
In addition, $20.1 million will be given to Futurpreneur — an organization that supports startups and young entrepreneurs in Canada — helping startups that are not eligible for the wage subsidy.
“There are many other firms in the country that don’t qualify for the wage subsidy but still need help,” Trudeau said.
“Many industries have come to a halt. From the start, our goal as a government has been clear. Get all Canadians through these challenging times and lend a helping hand when you need it most.”
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Since Monday, Trudeau has been announcing numerous measures to help more Canadians feeling the financial impact of the pandemic.
On Thursday, Trudeau unveiled the Canada Emergency Commercial Rent Assistance program, which is meant to help small businesses and commercial property holders pay rent for April, May, and June.
And, CEBA will be expanded “increasing and decreasing the eligibility threshold,” Trudeau said.
Businesses that had a total payroll in 2019 of $20,000 to $1.5 million will be eligible. Before the requirements were $50,000 to $1 million in total payroll.
On Wednesday, Trudeau announced that the Canadian Emergency Response Benefit (CERB) will expand to help more Canadians, such as those who are earning some income, seasonal workers and those who have EI running out, as they face continued economic hardship from the pandemic.
Individuals earning $1,000 or less a month, such as freelancers, can now apply to the program.
Also for individuals who have lost or been running out of money from EI since applying on January 1, can now apply for CERB.
In addition, those who would rely on seasonal work, but can no longer find employment because of the pandemic will have access to the emergency benefit.
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