Purpose: Help small businesses meet operating expenses.
Clientele: Corporations and NPOs
Eligibility: 2019 payroll between $20,000 and $1,5M based on 2019 T4SUM summary of remuneration paid (payroll stream). Eligibility expanded to include applicant with remuneration under $20,000 if applicant has non deferrable expenses between $40,000 and $1,500,000 in 2020 (Non deferrable expenses stream).
Amount: Up to $40 000 in the form of a line of credit
Tenor and interest rate: Interest- free for the first year, government-guaranteed; Repayment incentive/forgiveness of 25% of loan up to $10,000 if balance repaid by or on December 31, 2022.
Availability of funds: Application deadline with your financial institution is December 31, 2020
Extension: An extra 20,000 $ (of which 10,000 $ will be forgiven is repaid by December 2022). More details will be available shortly.
Other specifics: An attestation of the impact of the COVID-19 pandemic will be required to obtain the extra financing.