• It’s a $40,000 government‑guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non‑deferrable expenses which are critical to sustain business continuity.
  • It’s possible to have 25% of the January 1, 2021 outstanding balance forgiven; in order to do so, the remaining 75% of the loan must be paid in full by December 31, 2022.
  • This loan is interest free until January 1, 2023.
  • Applications are done online (only) with your primary financial institution. Note: Banks should now have their application process up and running. Some of the Credit Unions are up and running, some say “coming soon”. Contact your primary financial institution for assistance.

HINT: Are you having problems getting the form filled out? Enter data exactly as it appears on the Monthly Statement and do not adjust any auto-fill tabs. (forwarded by BCLNA Treasurer Brent Mooney)

 

Information is available on the Government of Canada website.