New support for Canadian businesses has been announced today.
PM Justin Trudeau has revealed updated support for commercial rent and mortgage payments via the new Canada Emergency Rent Subsidy.
“This will provide support to businesses direct, not through landlords,” said Trudeau. “For businesses who have seen revenue drop, the new rent subsidy can support up to 65 per cent of eligible expenses and up to 90 per cent for businesses temporarily shut down by a mandatory second wave public health order.”
The government will also extend the Canada Emergency Wage Subsidy at a rate of up to 65 per cent of eligible wages until December.
They will also expand the Canada Emergency Business Account for small businesses, which will also include an additional $10,000 forgivable loan and help businesses that have shut down temporarily due to public health directions.
The Provincial Government of Ontario will also be providing $300 million in financial aid to help businesses with fixed costs, including property taxes, hydro and natural gas bills.
From small business owners to our most vulnerable Canadians, we’re making sure everyone has what they need during these tough times. Watch live as we announce more support for people across the country: https://t.co/RFhxIqvzCo
— Justin Trudeau (@JustinTrudeau) October 9, 2020
To watch the full Federal Government October 9th address, see below.
