Feds announce financial supports for businesses

Trudeau

The federal government has announced more supports for businesses during the second wave of COVID-19.

Prime Minister Justin Trudeau says many businesses are facing uncertainty. A new Canada Emergency Rent Subsidy is being rolled out.

This will go directly to businesses, not through landlords.

For businesses which have experienced a revenue drop, the new subsidy can support up to 65 per cent of eligible expenses and up to 90 per cent for businesses temporarily shut down by public health orders.

The wage subsidy is also being extended, for a rate of up to 65 per cent of eligible wages to December. 

The Canada Emergency Business Account will also provide an additional $10,000 forgivable loan for small businesses that need it.