New COVID-19 relief measures announced
As lockdowns across the country continue, both the Federal and Alberta Governments have offered additional financial assistance - specifically targeting businesses that had a decline in revenue. Links to apply are in our bio.
Federal Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee
Must demonstrate a 50% decline in revenues for at least 3 months (not necessarily consecutive) within an 8 month period prior to the loan application.
Government guaranteed, low-interest loans ranging from $25,000 to $1,000,000.
Interest rate of 4%, flexible repayment terms up to 10 years.
Up to 12 months postponement on the principle at the start of the loan.
Available until June 30, 2021. Other conditions apply.
You can apply directly through your financial institution.
Check out the link below from BDC for more detail on the program.
Alberta Small and Medium Enterprise Relaunch Grant
Businesses ordered to close or curtail operations and experienced a revenue reduction of at least 30%, are now eligible – a significant decrease from 50% threshold announced previously.
Two phased grant - Up to $20,000 per eligible application for the first payment (pertains to initial measures in March 2020), and up to $15,000 for second payment - which relates to public health orders that were in effect from November 6, 2020 onwards.
Grant expanded to include new business that commenced operations between March 1, 2020 and October 31, 2020.
Grant expanded to allow unregistered sole proprietors to apply. Application will commence February 4, 2021.
For more detail on how to apply - check out the link below.
Reach out to the Partners at Evolve if you have any questions surrounding COVID-19 relief programs. Vaccination is just around the corner - we’re almost at the finish line.
