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

The Canadian government has also proposed to establish a program, in conjunction with the provinces, which will provide commercial property owners with forgivable loans in exchange for lowering or forgoing rent from their small-business tenants from April to June.

Eighty percent of small businesses in Canada have either completely or partially closed during the COVID-19 crisis, and the average owner still pays $7,000 a month in rent, according to the Canadian Federation of Independent Business (CFIB), which represents 110,000 small and medium-sized enterprises across the country.

In a statement released on Thursday, the CFIB said it would make recommendations on ways to ensure small business owners see their rent costs reduced or eliminated, not just deferred. Many firms are worried that deferring rent and other costs will simply delay a potential bankruptcy as the bills start to come due when firms are just reopening and their income remains low.