Hascap loan Canada
If you are looking for complete information on Hascap loan Canada, then you landed on right place. Here we will provide you every single detail on this. What are the edibility conditions for it and How you can apply for same. HASCAP is available to businesses across the country, in all sectors, that have been hit hard by the pandemic. This includes restaurants, businesses in the tourism and hospitality sectors, and those that rely on in-person service. To be eligible for HASCAP, businesses need to show a year-over-year revenue decline of at least 50% in three months, within the eight months prior to their application.
They must also be able to show their financial institutions that they have previously applied for either the Canada Emergency Wage Subsidy or the Canada Emergency Rent Subsidy. Eligible businesses can start applying as early as February 1 at principal financial institutions and more widely by February 15. Interested businesses should contact their primary lender to get more information and to apply.
What is a Hascap Loan?
HASCAP stands for highly affected sectors credit availability program. The HASCAP Loans program is designed to provide guaranteed, low interest, loans between $25,000 to $1 million to Canadian small businesses that were heavily impacted by COVID-19. Those having business at multiple locations can get upto 6.25 millon dollars as loan.
What can Hascap be used for?
The HASCAP Guarantee is a federal government support program to help the businesses hardest-hit by Covid-19. This program is available to all eligible retailers, regardless of sector. Retailers can apply through their primary financial institutions for a HASCAP loan of $25,000 – $1M to cover their operational expenses
Which Banks are offering Hascap?
- at TD Bank.
- at RBC.
- at BMO.
- at Scotia Bank.
- at CIBC.
- at National Bank of Canada.
- Other Banks, Credit Unions, & Financial Institutions
How do you qualify for Hascap?
You must have received payments either from the Canada Emergency Subsidy (CEWS) or the Canada Emergency Rent Subsidy (CERS) by having demonstrated a minimum 50% revenue decline for at least three months (not necessarily consecutive) within the eight-month period prior to the date of the HASCAP Guarantee application.