If your business experienced difficulty qualifying for the previous programs being offered by both levels of government, you are urged to check out the new provincial loan program entitled COVID-19 Small Business Credit and Support Program.
It's for businesses with a payroll of less than $20,000, who haven’t applied for the CEBA – Canadian Emergency Business Account ($40,000 loan).
It offers a loan of up to $25,000.
If you are approved for the loan you are also eligible for a one-time grant of $1500, plus a business continuity voucher of up to $1500. The voucher gives businesses access to professional advice and support to help adapt to or recover from the effects of COVID-19. The voucher program is administered by Nova Scotia Business Inc. and will be available until 29 May 2020. Projects funded by the program must be completed by July 3rd, 2020.
To apply please access the application form at: https://honestmoney.ca/nsbusinessrelief.
For more information visit the provincial website at: https://novascotia.ca/coronavirus/support/#support-for-business.
This is a provincial initiative designed to meet the needs of those businesses who have been slipping though the cracks.