COVID-19 Advisory Services:
We have been closely monitoring the federal government’s stimulus programs for small to mid-sized businesses in Canada and are front and center on the new developments. The application process for the programs will be opening April 6, 2020.
There are many programs to be released however the top ones to support business owners are as follows:
(1) $40K interest free loan: $10k is forgiven if $30K is repaid by December 31, 2022. This is administered
by the Chartered Banks (i.e., TD bank).
(2) BDC working capital loan: $100K- $2M. Interest rate at 2.8%, 3 year term and
potential deferral of principal payments for one year.
% Payroll subsidy: incentive program for businesses to cover payroll expenses.
Certain conditions will apply for each and the appropriate documents will be required for each program. More information on the application process will be released next week.
MP Group Advisory Services:
Loan Consulting | Payroll Subsidies | Tax Credits and Deferrals | Cash Flow Management | Projections
Clients seeking professionals to help their business manage the COVID-19 outbreak and economic slowdown. We support our clients during this time for advisory services to strengthen your balance sheet. Our team can consult on financing for working capital, payroll subsidies and cash flow management.