Here’s some good news for small businesses in the arts and hospitality industry. The Canadian Government has identified some of the hardest hit industries due to COVID-19 and created a special stimulus program for these sectors. The incentive program is designed to assist highly affected businesses due to the pandemic. Keep reading to find out if your business applies for this assistance program.
This new Government Incentive is directed at businesses that launched after February 1, 2021 and is called the Highly Affected Sectors Credit Availability Program (HASCAP).
How much is the HASCAP loan?
The program offers loans from $25,000 up to $1,000,000 for qualified businesses — for businesses that have been affected by COVID-19 restrictions. The program is geared towards Canadian businesses in the following industries;
- Travel and Tourism
- Arts and Culture
The program is intended for companies that are already qualified and are receiving Canada Emergency Wage Subsidy (CEWS) or Canada Emergency Rent Subsidy (CERS).
Does my business qualify for HASCAP?
In order to qualify for this loan, you have to provide proof that your business revenue decreased by 50% for 3 a month period in the last 8 months. The loan is not interest free, and has an interest rate of 4%. However the loan can be repaid up to 10 years later.
If you would like to take advantage or find out more about the loan contact your primary financial institution.