Two support programs set up to support small and medium-sized businesses in Quebec during COVID-19 will end on June 14th.
This was announced by the Minister of Economy, Pierre Fitzgibbon, at a press briefing on Thursday.
The two initiatives are the Emergency Assistance Program for Small and Medium Enterprises (PAUPME) and the Concerted Temporary Action Program for Enterprises (PACTE).
Requests for assistance to be sent before Tuesday night will be honored, Mr. Fitzgibbon said.
The Minister also announced the extension, until December 31, 2022, of the moratorium for the payment of capital and interest related to financial assistance granted under the PALAD.
In addition, companies benefited from PALAD o PACT can see the equivalent of 25% of the fund granted converted into an unpaid contribution. In the case of PACTthe unpaid contribution will be limited to $ 40,000.
Note that this non -refundable contribution will apply to financial assistance that does not benefit the Assistance for businesses in regions on maximum alert (AERAM) component, the Assistance for certain businesses in the tourism sector (ACEST) component or the Tourism PACTE.
Minister Fitzgibbon estimates that more than 16,000 businesses have received financial support through these programs since they were established at the beginning of the pandemic, which had allowed to limit closures.
According to him, Quebec has experienced 25% fewer closures SME in 2020-2021 compared to 2018-2019. Does that mean there are businesses maintained on artificial respirators, which should be closed? I hope not. Obviously, when we took out a loan, we wanted to be generous …
So far, very few bankruptcies for those with loans, but too early, we have to waithe suggested. In a year, we should make a statement. It is possible that some businesses are closing because the pandemic did not put them in financial difficulty.
Source: Radio-Canada
