Loan program for pandemic-hit businesses expanding : Trudeau

Prime Minister Justin Trudeau says the federal government is expanding a loan program for small businesses suffering from the COVID-19 pandemic and is working on a new support for companies having trouble paying rent.

The loan program will now be open to businesses that had payrolls last year between $20,000 and $1.5 million.

The Canada Emergency Business Account previously offered up to $40,000 in loans to business with payrolls between $50,000 and $1 million.

Trudeau also says a program is coming to help businesses cover rents for at least three months but the details still need to be worked out with the provinces and territories.