Small companies that do not have a commercial account with a major bank have remained ineligible for CEBA, leaving many firms without government relief
OTTAWA — The Liberal government on Thursday said it was working to amend a key loan program available to small businesses, after a large number of cash-strapped companies said they were unable to access the government support.
“We’re working hard to make sure that we find a solution for these businesses as well through this challenging time,” Ng said. In a statement on April 14, the Canadian Federation of Independent Business said the CEBA provided “welcome relief” for firms, but said one in five businesses were deemed to small for the program due to payroll thresholds.
Maich said Ottawa needs to be far more transparent about how it reports the details of eligibility requirements for the loans, which are administered by the Crown corporation Export Development Canada. He said more detailed and transparent reporting by EDC is especially necessary when the EDC is dishing out vast sums of taxpayer dollars.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trudeau's daily coronavirus update: The PM asks landlords to apply for rent relief (Full transcript) - Macleans.caIn his May 20 briefing to Canadians, the PM announced a launch date for the Canada Emergency Commercial Rent Assistance program, and outlined the details of new loans for big business.
Read more »
Trudeau Urges Commercial Landlords To Use Rental Assistance ProgramJune rent is coming up and Trudeau wants commercial landlords to give their tenants a break.
Read more »
Coronavirus Update: How shoring up hospitals for COVID-19 contributed to Canada’s long-term care crisisMay 20: Large companies applying for new coronavirus loan program must give Ottawa option of owning shares; Canada Mortgage and Housing Corp. predicts house prices could drop up to 18 per cent
Read more »
Western Canada: For some B.C. small businesses, reopening doesn’t make economic senseAlso: Police across Canada are looking into more hate crimes against Asian Canadians during the COVID-19 pandemic; plus, Manitoba contends with First Nation blockades; and Jason Kenney reacts to Joe Biden saying he would cancel the Keystone XL pipeline if elected president in America’s November election
Read more »
Shopify says most employees will permanently work remotely following COVID-19Shopify founder and CEO Tobi Lutke says 'as of today, Shopify is a digital by default company', and offices will remain closed until 2021.
Read more »