Thursday, April 9, 2020

JUSTIN LATEST POLICY DEVELOPMENTS & ‘WSP’, AMID ‘COVID-19’

Government funded loans for businesses
Government funded loans for businesses
The program shall be effective for businesses if they have incurred revenues by less than 30% due to COVID-19. Business eligibility is a very important factor for the Govt. as there are many businesses in Canada that hold higher eligibility for the policy and they shouldn’t be left behind.

GOVT. FUNDED LOANS FOR BUSINESSES AMID ‘COVID-19’

Prime Minister Justin also announced the availability of loans from the financial crown courts that can be up to $40K. This means SME’s if they can prove to the Govt. that they have incurred heavy losses due to ‘COVID-19’. They shall be eligible for loans that can rise up to $40K.

These amounts shall obviously be decided by the Govt. according to the losses that are highly proved by the business owners. SME’s or Small and Medium Enterprises are more in danger of coming into a crisis situation than large businesses. The best part of this is that under certain circumstances up to $10K of loans could become non-repayable.

This is applicable only in scenarios where the business owners can prove that the businesses can’t pay back and the loan of up to $10K should be wiped off.

Courtesy of MBE BLOG

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