Good Morning All,
Please note that I've included our MP Julie Dabrusin and our MPP Peter Tabuns in the top send line of this email.
We've all been waiting for the PM to make some announcements this week on expanding financial help for small and medium businesses. Here is the information that he presented this morning:
1. The $40K Emergency Loan
This program has been expanded to be more inclusive. The change includes:
- Any business who had payroll in the range of $20K to 1.5 million in 2019 is now eligible for the $40k loan. So the lower range of payroll should make this loan accessible to more businesses. There was no mention of any other changes to this program in terms of the interest rate of 5% if the loan isn't repaid by Dec. 31 2022.
2. Emergency Help for Commercial Rent:
The PM announced the creation of a program that will provide businesses with rent help for the months of April, May and June.
There were no further details on what this program will entail as the PM needs to collaborate with the Premiers. The Provinces manage the issue of rent.
Julie and Peter:
I know that the above is very encouraging news however what will be needed now is a speedy roll-out of these programs.
- When will the banks open the loans to businesses meeting the lower payroll requirements?
- Will the PM include the commercial rent program in his phone call tonight with the Premiers?
- The 75% wage subsidy - this was passed last Saturday but has this now been rolled out and available to businesses?
Julie and Peter, we now need your help to ensure that these programs are available to businesses as soon as possible.
Finally, because this was encouraging news this morning I want to thank all of our BIA members, our Board of Directors and Julie, Peter and Paula for working so hard over the past several weeks emailing, mailing, posting on social media, doing media interviews all in a collective effort to get the message about small/medium business needs in front of our Prime Minister, Premier and Mayor. I'm so very proud to be part of our Broadview Danforth BIA. We aren't done yet with these issues but together we've made some good headway.
Thanks,
Susan