By Chris Brown

Update from the PM

Trudeau announces more help for businesses as economy begins to emerge

May 20, 2020 | 9:22 AM

Prime Minister Justin Trudeau is continuing his efforts to convince Canadian companies to rehire workers as the country’s economy begins its reboot following the COVID-19 shutdown.

Trudeau announced rent relief Canada Emergency Commercial Rent Assistance program as an additional support for businesses.

The program offers forgivable loans to landlords so they can reduce to 75 per cent rent for small businesses who have lost the majority of their revenue due to COVID-19.

“Our government, along with the provinces and territories, will cover 50 per cent,” the PM said. “We’re asking that landlords absorb 25 per cent and tenants pay the rest with the support of programs like the CEBA (Canada Emergency Business Account).”

At his daily address from outside Rideau Cottage, Trudeau also said more support will be coming for larger corporations and details will be released soon.

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Trudeau again encouraged business owners to take advantage of the Canada Emergency Wage Subsidy to rehire workers, the Canada Emergency Business Account to adapt to a new reality and contact regional development agencies if you don’t qualify

“Where it’s safe to do so, we can gradually and carefully restart some of our activities,” Trudeau said.

“These are challenging times. Together we can protect jobs and make sure that our economy bounces back. And that will be good for everyone,” he added.

Trudeau also announced applications are now open for the Large Employer Emergency Financing Facility, which provides bridge loans for the country’s largest employers.

Trudeau made it clear these are not bailouts for businesses.

“We are making loans available so that they can weather this storm and continue to employ millions of hardworking Canadians,” he said.

In recent days the federal government extended the 75 per cent wage to the end of August, and that the government is expanding the eligibility criteria for its small business loan program.

The Canada Emergency Business Account provides interest-free loans of $40,000 for eligible small businesses, one-quarter of which could be forgiven if it is paid off by the end of 2022.

Tuesday’s fix extended the program to companies that don’t have traditional payrolls, such as family-run businesses that pay themselves in dividends and companies that employ only contractors.

Trudeau also said he expects Canada’s public health officers to have more details about the wearing of masks soon, possibly today.

“The reality is the best thing for people to do is to remain socially distant. To keep two metres apart, to stay at home wherever possible, to wash your hands regularly and frequently,” he said. “But in situations where you cannot physically distance to two metres people are encouraged to wear masks.”

As of Wednesday morning, Canada had 79,101 confirmed cases, 11 probable cases and 5,912 deaths. There have been 1,339,971 Canadians tested.

In Alberta, there are 6,716 cases and 128 deaths. A total of 201,283 Albertans have been tested.