COVID-19: Requesting Financial Relief
I was chatting with one of my trusted mortgage partners Ishak Wasef, Mortgage Specialist with BMO and here is some government support, he has to share:
The Government of Canada is offering additional support to individuals and businesses during these challenging times, such as:
Financial relief programs:
As the unprecedented COVID-19 situation continues to change, business owners have additional concerns. Keeping yourself, your employees and your customers safe is Very important, as is ensuring your business can handle the potential changes of revenue and staff.
Banks are offering financial relief program for individuals and small business customers directly impacted by COVID-19.
Payment deferral :
- Mortgage deferral of payments on mortgages for up to six months as well as deferral of payments.
- Payment deferral on the principal of a small business loan.
- Increases on small business operating lines to help with short-term working capital; for clients requesting an increase on an operating line,
Government financial relief programs:
- Canada Emergency Business Account (CEBA)
The Government of Canada has launched the Canada Emergency Business Account (CEBA). This provides qualifying business owners with an interest-free, government-backed loan of $40,000 to help ease the financial strain incurred as a result of the COVID-19 pandemic.