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October 5, 2020

Prime Minister Trudeau Pledges Another $600 Million For Small And Medium Businesses

As Canada’s Global News reports, Prime Minister Justin Trudeau will add $600 million to a previously-establish fund to help small- and medium-sized businesses weather the COVID-19 pandemic.

The announcement brings total support through the Regional Relief and Recovery Fund to more than $1.5 billion. Nearly $456 million of the new funding will go to small- and medium-sized operations facing financial pressure and that want to keep employees on the payroll and cover costs. Another $144 million will provide rural businesses and communities with access to capital and technical support.

According to the nation’s Financial Post, the announcement comes after the Canadian Federation of Independent Business warned that only one-fifth of its members are expected to stay open without rent relief. Prime Minister Trudeau cited this a reason for the new support. He said, “There were still many small businesses, particularly in rural or remote areas, that were falling through the cracks of those particular programs.”

Click here to read more about Canada’s support for individuals and businesses during COVID-19.