COVID-19 UPDATES | April 1st, 2020
GOVERNMENT ASSISTANCE PROGRAMS
On March 27, the Federal government announced wage subsidies to support small businesses. As mentioned during the press briefing, eligible businesses will be entitled to a maximum rate of 75% in wage subsidy.
This grant is for a maximum duration of three months;
• It takes effect retroactively from March 15, 2020;
• NPOs are eligible;
• The company must prove that it has lost at least 30% of its revenues due to the COVID-19 virus.
Additional information regarding this government assistance will be available soon.
BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP)
Over $65 Billion in additional support will be available through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
This program will include the following:
• The emergency account for Canadian businesses will provide an interest-free loan of up to $40,000 for small businesses and NPOs to help get them through them this crisis.
EDC is working closely with financial institutions to provide SMEs with new operating credit facilities and of up to $6.25 Million.
• BDC will, in conjunction with financial institutions, provide term loans to SMEs to support the cash flow of businesses.
For more details, click here.
SUPPORT FOR QUEBEC COMPANIES
On March 30, the Caisse de dépôt et placement du Quebec announced, $4 Billion in assistance to support Quebec businesses affected by the COVID-19 crisis. To be eligible for this initiative, companies have had to be profitable before the crisis started, have growth possibilities in their respective sectors and be looking minimum funding of $ 5 Million or more.
To fill the form, click here.