News

The Canada Emergency Business Account (CEBA - $40K loan) Program - has been changed, business 2019 Payroll now needs to fall between $20,000 to $1.5Million for businesses to qualify.  Other details of the program remains the same. It remains interest free until December 31, 2022 and if paid by this date 25% of the loan is forgiven.  Any amount left outstanding after this date converts to a 3 year term loan. Businesses are to contact their bank for details on how the loan, or in many cases, line of credit will be rolled out.
 
As well, the Federal Government announced it intends to rollout a new program:
 
Canada Emergency Commercial Rent Assistance (CECRA) Program
In short, the idea is to make loans available to property owners (some loans forgivable) to support rent reductions to tenants for April / May / June
Details to come in the next few days

Stay Healthy
Greg Libbrecht, on behalf of the team at Platinum Business Services