Trudeau announces $62.5 million for Canada's fish and seafood industry

Trudeau announces $62.5 million for Canada's fish and seafood industry

Trudeau announces $62.5 million for Canada's fish and seafood industry

"We're also offering billions of dollars to provinces to top up the pay of essential workers", Trudeau said.

That means the landlord will be encouraged to cover 25% of the rent reduction while the B.C. and federal government support the remaining 50% - an initiative that will see B.C. small businesses receive more than $300 million in government funding relief. The government urges commercial property owners to participate in the rent subsidy program because if they don't, they run the risk of seeing their tenants fold leaving empty store fronts when the economy restarts. The support will also be available to non-profit and charitable organizations. The program will be administered by the Canada Mortgage and Housing Corporation.

Canadian Prime Minister Justin Trudeau said the country's health authorities would "err on the side of caution" on the question of whether people who recovered from coronavirus have immunity to the illness.

According to a release from the federal government, the program includes a moratorium on evictions and a "rent forgiveness agreement".

The Canadian Federation of Independent Business applauded many elements of the new program, but had some reservations. "They may choose to ignore it, even if their tenants badly need it". In addition, the threshold of 70 per cent in lost revenue might disqualify hard-hit businesses from getting help.

"The recent rent relief measures, announced today by the prime minister, are an encouraging sign that both Ontario and Canada recognize that small business is big business in this country", she says.

"We're identifying what needs to be done and mapping out next steps", Trudeau said. "We know certain businesses are extremely hard-hit".

Financial institutions have provided interest-free credit of up to $40,000 to eligible businesses, and up to $10,000 is forgivable if the loan is repaid by the end of 2022.

Trudeau says he will hold a First Minister's conference call this afternoon where premiers will continue to discuss a re-opening of the economy however Trudeau says it must be done in a gradual manner, "This won't happen one day to the next, it must happen slowly".

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