Ottawa Launches New Loan Program of Up to $1 Million for Companies Affected by COVID-19

The federal government has unveiled a new loan program aimed at helping businesses survive COVID-19, with up to $1 million in funding for eligible companies that have lost at least half their revenue.

It’s called the Highly Affected Sectors Credit Availability program, or HASCAP, and Monday is the first day that businesses can apply.

Businesses can qualify for between $25,000 and $1 million if they meet the eligibility requirements, the main one being that they must show their revenues have fallen by at least 50 percent for at least three months out of the previous eight.

For any business applying today, that time frame stretches back to June 1, 2020.

Generally speaking, the program is only for companies that have already qualified for and are receiving CEWS, the government’s wage-subsidy program, or CERS, the rent subsidy.

Companies that didn’t meet the requirements for those two programs but still wish to apply will be considered as long as they meet the 50 percent revenue decline requirement.

The interest rate will be set at 4% and businesses will have up to 10 years to pay it back. Payments on the principal can be delayed for up to one year, at the start of the program.

Minister of Small Business Mary Ng said the program targets everyone “from that small mom and pop shop to larger tour companies.”

Companies wishing to apply are instructed to apply at their regular bank or financial institution, but the loan will be backstopped by the Business Development Bank of Canada, the government-run funding pool that helps Canadian businesses expand.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at or inbox us at the FB page –
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething


Bài Liên Quan


Quick Healthy Immunity Boosting Super Salad

How to Prevent Yourself from Getting Sick As of Tuesday June 23, 2020, the Province of Ontario...

The Global Economy Slowed Down from Recovery to Recession Amid Second Waves of the COVID-19 Pandemic

On the first day of October, BNN Bloomberg posted a warning from Wall Street economists that the global economy was slowing down...

Federal Sickness Benefit Falls Short of Paid Sick Leave Protections, Says Advocates

The federal sick leave program that was created to make sure people wouldn't face financial hardship if they have to miss work...

Canada Monitoring Potential Threats to Vaccine Deployment Says the Federal Government

The government is watching “a number of threat indicators” as coronavirus vaccine doses arrive in Canada and travel into different communities, according...

A CERB Extension is in The Works According to Trudeau

During today’s national address, Prime Minister Justin Trudeau announced that the federal government is currently looking to extend the Canada Emergency Response...

Canadians To Be Allowed into EU Countries, Extends Quarantine Rules for Travellers Requiring Self-Isolation says Federal Government

Since the start of the pandemic in March, the travel and tourism industry have ground to a halt as many countries gradually...

Schools face daunting, unique reopening challenges during pandemic

As Canada begins grappling with the issue of recovering from the COVID-19 pandemic, the question of how...

This content is also available in: Tiếng Việt