Federal government announces new business rent assistance and the loosening of loan eligibility criteria

The Greater Saskatoon Chamber of Commerce is pleased to see the Federal Government’s announcement today of a new rental assistance program for businesses. The Canada Emergency Commercial Rent Assistance program will help small businesses cover their rents for April, May and June and is being rolled out in collaboration with the provinces and territories. This announcement comes after the Chamber, along with various stakeholders, have advocated for such assistance and we are pleased to see the collaboration between the provincial and federal government to aid our business communities by lowering their overhead costs. Along with the announcement today of the rental assistance program the Prime Minister has announced that the government will be opening up the eligibility criteria of the CanadaEmergency Business Account.Parameters will be set so that companies that have paid between $20,000 and $1.5 million in total payroll in 2019 will be eligible to receive a loan, this is broader than the previous eligibility of between $50,000 and $1 million. This broadening of the criteria will allow some businesses that were previously left out of the program access to this assistance