Latest Developments

Prime Minister Justin Trudeau provided further details of the Canada Emergency Business Account. Under the program, the federal government is backing interest-free loans of up to $40,000 for small businesses and not-for-profit companies that have seen their revenues drop due to COVID-19. Qualifying companies must be able to demonstrate that they paid between $50,000 and $1 million in total payroll last year. One-quarter of each loan will be forgiven if the remainder is paid off by the end of 2022.