The Prime Minister has introduced a new loan program aimed at helping small businesses survive the pandemic.
Justin Trudeau says the government has partnered with Canada’s largest financial institutions to introduce the Higher Affected Sectors Credit Availability Program or HASCAP.
He says it will provide low-interest loans of up to 1-million dollars, which are 100 government backed loans businesses can use to pay rent, utilities, payroll or anything they need.
Trudeau says applications for the program will open on February 1st.
PM Justin Trudeau announces program for Canadian-based businesses hardest hit by #COVID19 pandemic to apply for low-interest loans of up to $1 million; the 100% government backed loans can be used for rent, utilities and help with payroll #cdnpoli pic.twitter.com/vzH78jUr5f
— CPAC (@CPAC_TV) January 26, 2021
LIVE: Federal ministers and health officials provide COVID-19 update https://t.co/0x8xMhGWLZ
— Health Canada and PHAC (@GovCanHealth) January 26, 2021