The Emergency Assistance for Small and Medium Enterprises program is designed to support, for a limited period of time, eligible businesses that are experiencing financial difficulties due to COVID-19 and require less than $50,000 in cash.
The following companies are eligible for the program
- businesses in all sectors of activity;
- social economy enterprises, including cooperatives and non-profit organizations engaged in commercial activities;
- businesses that have not received assistance from the PACTE program (Investissement Québec)
To be eligible, the business must :
- have been in operation in Québec for at least one year;
- be temporarily closed, likely to close or showing signs of closure;
- be in a context of maintaining, consolidating or relaunching its activities;
- have demonstrated a causal link between its financial or operational problems and the COVID-19 pandemic.
Applicants who are under the protection of the Companies’ Creditors Arrangement Act (CRA, 1985, Chapter 36) or the Bankruptcy and Insolvency Act (CRA, 1985, Chapter B-3) are excluded.
Financing is based on the company’s cash requirements and is determined on the basis of justified and reasonable expenses.
The financing shall make it possible to make up for the lack of liquidity caused by :
- an impossibility or a substantial reduction in the capacity to deliver products (goods or services) or merchandise;
- a problem in the supply of raw materials or products (goods or services).
Assistance will be provided in the form of a loan or loan guarantee of up to $50,000.
How to Apply
Please download, print and complete the following form and return it by email to Cyndy Phillips, Director of Economic Development. Don’t forget to include essential information such as financial statements, cash flow forecasts, etc. A development officer will contact you shortly to open your file and begin the process.
Documents required with the form:
- Latest annual financial statements
- Income statements updated since the last annual financial statements
- Cash flow forecast for the next 3 months