The federal government has expanded eligibility for its small-business loan program, allowing more SMEs to borrow money to help them through the COVID-19 emergency.
At his daily briefing on Tuesday, Prime Minister Justin Trudeau said more businesses can now access the the Canada Emergency Business Account, or CEBA, program. It provides up to $40,000 in interest-free loans to small and medium-sized enterprises and not-for-profit groups through private banks and credit unions.
- Eligible businesses now include:
- Sole owners or operators;
- Companies that rely on contractors;
- And family-owned businesses that pay employees through dividends.
“Businesses like yours are the backbone of our economy and the backbones of our communities,” Trudeau said, promising more details soon.