The federal government has released more details about the Canada Emergency Business Account.
Prime Minister Justin Trudeau says it’s designed for small businesses who are struggling to pay bills or to pay staff during the pandemic.
“You can now get a $40,000 interest-free loan through your bank or credit union. If you repay it within two years, 25 per cent, up to $10,000 of that loan is forgivable.”
Trudeau says it should only take a few days for small business owners to receive the full amount of the loan in their accounts.
Meantime, he says the government is also getting closer to implementing the 75 per cent wage subsidy for employees and is working with other parties as quickly as possible.
On Saturday, Trudeau adds the House of Commons is being recalled to pass the largest economic measures in Canada since the Second World War.
