Canadian government throws small businesses a lifeline against COVID-19 crisis

OTTAWA - Small businesses struggling to stay afloat in Canada during the COVID-19 pandemic were thrown a lifeline on Thursday when Prime Minister Justin Trudeau announced an expansion of emergency government assistance to include more of them.

Greater numbers of sole proprietors or entrepreneurs who run seasonal operations and who were previously shut out to qualify for a business loan will now have access to one following changes to the government's Canada Emergency Business Account.

Previously, small businesses were required to have a minimum payroll of $35,000 in 2019 before they could apply for an interest-free loan of up to $28,000. The minimum threshold has now been lowered to $14,000.