Trudeau announces expansion of emergency account for businesses in Canada
Prime Minister Justin Trudeau announced the expansion of the Canada Emergency Business Account to provide support to small businesses during COVID-19.
AT press conference fridayTrudeau said qualifying businesses will now be able to access a second loan under the CEBA, should they require additional support.
Originally launched in April 2020, CEBA grants interest-free loans small businesses and nonprofits to cover expenses that cannot be avoided or postponed. To date, the program has helped nearly 800,000 small businesses across the country, Trudeau said.
As of December 4, eligible small businesses will be able to access a second CEBA loan of up to $ 20,000, in addition to the initial loan of $ 40,000.
Of the newly announced funding, $ 10,000 will be repayable if repaid by the end of 2022.
The measures will protect jobs and ensure that small businesses do not have to close their doors, Trudeau said.
The Prime Minister urged all Canadians to “do their part” and support local businesses and restaurants this holiday season.
“Small business owners are our neighbors and our friends. They are incredibly dedicated and dedicated people, ”Trudeau said. “They are there at the heart of our communities, there at the foundation of our economy.
“This is the time when we need to be there for each other.”