Montreal announces $ 50 million in emergency loans for small and medium-sized businesses
MONTREAL – The City of Montreal announced Thursday that it will disburse an additional $ 50 million for medium and small businesses struggling to survive during the second wave of the COVID-19 pandemic.
The city received $ 70 million from the Quebec government for its emergency aid program in 2020, which the city said was “virtually exhausted by the end of the year.”
Quebec’s new money envelope will continue to help businesses until the end of April, the city said.
“In a context of economic difficulties, the continuity of the emergency assistance program for SMEs is crucial,” said Luc Rabouin, city councilor in charge of economic and commercial development. “With the second lockdown, our businesses need this broader financial boost. . These sums will allow them to have quick access to liquidity, one of the critical elements for the survival of many businesses. “
For more information on how to request funds, visit the PME MTL website.
“Montreal plays a leading role in the Quebec economy and, currently, several of its companies are going through difficult times due to the pandemic,” said Quebec Minister of Economy and Innovation Pierre Fitzgibbon. We want to support them, as we have. done since the start of the crisis. The financial improvement that we are announcing today for businesses in the metropolis will allow us to continue our commitment to our business communities and to adjust the support we offer them according to the real needs of our entrepreneurs. “
Non-essential businesses have been closed on the island, and those affected by the closure can now apply for loans up to a maximum of $ 50,000.
The city is also granting a four-month moratorium on principle interest in addition to the three-month moratorium already in place.
“Businesses affected by a shutdown order under the Public Health Act may have up to the equivalent of 80% of the funding provided converted into a grant of up to $ 40,000 per $ 50,000 loan. “, says the press release.