Highly Affected Sectors Credit Availability Program (HASCAP)
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This page was last updated on February 1, 2021.
The Highly Affected Sectors Credit Availability Program (HASCAP) will provide government-guaranteed, low-interest loans of up to $1 million through participating Canadian financial institutions. Chains and multiple-location businesses could be eligible for up to $6.25 million. These low-interest loans will be available until June 30, 2021 and will have repayment terms of up to ten years, with a postponement of principal payments of up to twelve months.
To be eligible, businesses must have been financially stable and viable prior to COVID and will need to show a year-over-year revenue decline of at least 50% in three months (not necessarily consecutive), within the eight months prior to their application. They must also have received either Canada Emergency Wage Subsidy (CEWS) or Canada Emergency Rent Subsidy (CERS) benefits in that eight-month period. Loans must be used to continue or resume operations and cannot be used to pay or refinance existing debt.
Eligible businesses can start applying as early as February 1, 2021 at principal financial institutions and more widely by February 15, 2021.
For more details on the program, see here.