The Prince Edward Island Government and Community Business Development Corporations (CBDCs) recognize the challenges that the COVID-19 pandemic has created companies in our communities. As a consequence, the Prince Edward Island Government has made funds accessible to the CBDC s to give Small Business Emergency Working Capital to support in providing relief from the influences that our communities are facing as a consequence of the Coronavirus crisis.
Small business Owners influenced by the COVID-19 pandemic can appeal for working capital loans a maximum of $100,000 by the Program of Small Business Emergency Working Capital.
Businesses will not be needed to pay interest for the initial 12 months. Payments of the Interest will accumulate in 1-12 months. Principal and Payments of the Interest will start in month 13.
General Details about the Program:
- Be involved in business activity;
- Be a partnership, proprietorship, or corporation;
- If the business is a corporation it should be in good standing as of 1 January 2020;
- The small business needs to have its principal place of operations in the province Prince Edward Island;
- The business needs to be enrolled with the PEI Business Corporate Registry;
- The small business needs to have:
- Existed for a minimum of 12 months as of 15 March 2020. In cases of differences in structure across the previous 12 months, a business shall satisfy the demand of this condition if the minimum one of the owners has been constant for the 12 months;
- Been viable and not encountering liquidity or other financial challenges as of 15 March 2020.
- The small business needs to have undergone a material adverse impact on business processes on or near 1 March 2020 as a consequence of the COVID-19 EWC;
- Is not involved in a business that is substantially financed directly or indirectly from the funding of the public.
Rate of Interest: Interest will apply at the rate of 4 percent, compounded yearly, from the date of the initial disbursement. No principle or payments of the interest are needed in the initial 12-month period from the initial disbursement date.
Please follow us to Career Overseas
newsletters to know latest information and updates about Visa and Immigration. We request you to take our free evaluation to see whether you will be suitable or not and it will give new options available to you.