Provincial Government
Refreshed on 2020-04-21
Type
Debt
What
This emergency assistance for small and medium-sized businesses comes in the form of loans, up to a maximum of $50,000, at an interest rate of 3%.
Value
Max $50,000
Eligibility
Eligible businesses include for-profit companies as well as cooperatives and social economy enterprises with market activities affected by the COVID-19 pandemic. Exceptions apply (please see link below)
In order to benefit from this emergency fund, the company:
- Must have been in operation in Québec for at least one year on the date of application*
- Must not be under the protection of the Companies' Creditors Arrangement Act (R.S.C., 1985, c. C-35) or the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)
- Must demonstrate the causal link between its financial or operational issues and the COVID -19 pandemic as follows:
- The company is temporarily closed, is likely to close or is showing signs of closure; and/or
- The company is in a context of maintaining, consolidating or relaunching its operations.
In order to be eligible for emergency assistance:
- The financing must provide short-term working capital to businesses whose financial situation is precarious so they can maintain, consolidate or relaunch their activities.
- The financing must be related to the amount of working capital needed to maintain the company’s operations, determined on the basis of justified and reasonable expenses and showing good prospects for profitability in the medium term. Businesses located in an area affected by major construction works may mention this fact, which will be taken into account in the profitability analysis.
Documents required
- An income statement and a 12-month internal balance sheet ending no earlier than December 31, 2019; businesses located in an area affected by major construction work may mention this fact.
- A summary of the expenses to be covered by the financial assistance over a 3-month period (to be entered in the Use of Funds section of the application form).
- Evidence of the impact of the crisis on the company's business through one of the following documents: a list of contracts lost due to COVID -19, evidence of a decrease in income in March and/or April 2020 due to the crisis, or any other relevant evidence.
- Declaration to the Registraire des Entreprises du Québec (REQ).
- Proof of payment (GST/QST, DAS, Taxes) as of December 31, 2019 for both levels of government.
- The application form.
How to Access it
Answer the three questions at the bottom of the page and click 'Next page'. Fill up the required information and upload the needed documents.
Link
Emergency Assistance to Small and Medium-Sized Businesses