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Apr 16, 2020 5:16 PM -

Loan program for pandemic-hit businesses expanding : Trudeau

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Prime Minister Justin Trudeau addresses Canadians on the COVID-19 pandemic from Rideau Cottage in Ottawa on Wednesday, April 15, 2020. THE CANADIAN PRESS/Sean Kilpatrick

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.

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