LIVE 11:15 ET: PM Trudeau to discuss ongoing COVID-19 aid programs
, it was first announced in March and opened up for applications in April, as a way for businesses to access government-guaranteed loans to cover the costs of keeping their enterprise afloat during the COVID-19 crisis.
The program offers $40,000 government-guaranteed loans, interest-free for the first year and if the company can repay the balance of the loan by the end of 2022, up to $10,000 will be forgiven.Projected as a $25-billion program, not-for-profit organizations are also able to apply through their banks, to help cover their operating costs during a period when their revenues have been “temporarily reduced” due to the economic impacts of COVID-19.
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