The Emergency Assistance Program for Small and Medium-Sized Businesses is designed to provide support, for a limited time period, to qualifying businesses experiencing financial difficulties due to COVID-19 and who require working capital of less than $50,000.
The following organizations are eligible for the program:
- Businesses in every activity sector
- Not-for-profit organizations
- Social-economy businesses that are conducting commercial activities.
To qualify, the business must:
- Be operative in Québec for at least a year
- Be temporarily closed, likely to close or showing early warning signs of closing
- Be in a situation of maintaining, consolidating or restarting its activities
- Have demonstrated a cause-effect link between its financial or operational difficulties and the COVD-19 pandemic.
Excluded are requestors who are under the Companies Creditors Arrangement Act (R.S.C, 1985, Chapter 36) or under the Bankruptcy and Insolvency Act (R.S.C. 1985, Chapter B-3).
Funding pertains to the liquidity needs of the business and is determined based on justifiable and reasonable expenses.
It should alleviate cash flow problems due to:
- An impossibility or a substantial reduction in the ability to deliver products (goods and services) or merchandise
- A raw materials or products (goods and services) supply problem.
The assistance allocated will be in the form of a loan or a loan guarantee of up to $50,000.
For more information, send a request at firstname.lastname@example.org.