February 1, 2021

The Highly Affected Sectors Credit Availability Program (HASCAP), which the federal government first announced in its November economic statement, will begin accepting applications today (February 1, 2021) following the release of details last week.Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs. The program will be administered by the Business Development Bank of Canada (BDC) in conjunction with participating Canadian financial institutions.

Ontario: Businesses encouraged to apply for Ontario Support
The government of Ontario also released information last week on the large number of businesses that have applied for the province’s Small Business Support Grant and is encouraging all eligible small businesses facing challenges to apply for this financial support and receive at least $10,000 and up to $20,000. Approved businesses can expect to receive payment within “about 10 business days”.

Links

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Full government of Canada News Release

Full government of Ontario News Release

Further information on the federal HASCAP program can be found on this link on the BDC site:
https://www.bdc.ca/en/special-support/hascapClick on this link for details about the Ontario Small Business Support Grant and other provincial programs:
https://www.ontario.ca/page/businesses-get-help-covid-19-costs