On April 24th the Government announced new details concerning the CECRA program. Please visit our more recent article to learn more.
On April 16, 2020, Prime Minister Trudeau announced additional measures being taken by the Government of Canada to support Canadian businesses impacted by the COVID-19 pandemic. The press release regarding these additional measures can be found here.
The Government will be expanding the Canada Emergency Business Account to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. The Government has also announced its intention to introduce the Canada Emergency Commercial Rent Assistance program (CECRA) for small businesses. Although details regarding the CECRA have not yet been announced, the Government has stated that the program will provide loans (including forgivable loans) to commercial property owners who will in turn lower or forgo rent payments by small businesses for April, May and June. This program will require partnerships between the federal government and provincial and territorial governments.
We will keep you advised of further details regarding the CECRA as they become available.