Updated April 16th
What is it?
1. $40K interest-free, government- guaranteed loan to help you pay for operating costs that you're not able to defer as a result of COVID-19
2. $10K (25%) of the $40K loan is eligible for complete forgiveness if $30,000 is fully repaid on or before Dec 31, 2022.
3. If the loan connot be repaid by Dec 31, 2022, it can be converted into a 3 year term loan charging an interest of 5%.
Who is Eligible?
Businesses or NPOs, that:
1. Operate a company registered in Canada
2. Annual payroll between $20,000-$1.5M (based on 2019 T4SUM Summary of Remuneration Paid)
3. Available through your primary financial institution (where your business bank account is)
Contact your financial institution to get the link to apply