COVID-19: $50 Million for Montréal's Small Businesses

Quotes

"To enable Montréal's economy to bounce back fully, we must support entrepreneurs to ensure the survival of our commercial arteries, especially downtown. The collaboration of all players in the business community and the different levels of government is primordial in getting through this crisis and kickstarting our economy. Today, we are witnessing unprecedented economic solidarity between the federal government, the Government of Québec and the Ville de Montréal to the benefit of all Montréalers."

The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED

"It is important for governments to listen to the needs of entrepreneurs and business managers to put into place economic measures that are adequate to get through the crisis related to COVID‑19. The economic impacts are still being felt in Quebec's metropolis, where the reopening of various sectors of activity was delayed due to the wider propagation of the virus. I therefore salute the work of collaboration between the federal and provincial governments and the Ville de Montréal, which will enable more Montréal businesses to get through the crisis. The Government of Québec has also deemed it necessary to add $20 million more in financial assistance for Montréal under its SME program, bringing it to a total of $60 million. Our objective is to ensure the continued existence of businesses and to safeguard thousands of jobs."

Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for the Lanaudière Region

"Your government has heard the call of Montréal's entrepreneurs, who are facing challenges of considerable magnitude. The enhanced funding announced today will enable small and medium-sized enterprises to continue to contribute to the development and vitality of our economy, to maintain jobs and to pursue their operations. This contribution, across all sectors of activity, including retail and the social economy, is essential to the metropolis's dynamism. The audacity and determination of these businesses are so many strengths we are counting on to ensure the resiliency of the communities in which they operate and, more broadly, to help the Montréal region with its economic recovery."

Chantal Rouleau, Minister of Transport and Minister Responsible for the Metropolis and the Montréal Region

"This financial support is giving a second wind to the entrepreneurs and merchants that make Montréal the heart of the Quebec economy and a hub of the Canadian economy. Our metropolis is characterized by an economic dynamism carried by the tireless work and commitment of all players in the Montréal business community. I would like to thank the governments of Québec and Canada for this significant support during this exceptional period of time. The solidarity, mutual assistance and collaboration that animate us are a testament to our shared will to move forward for the good of the community and the Montréal of tomorrow."

Valérie Plante, Mayor of the City of Montréal

"We highlight this collaboration between the two levels of government and the Ville de Montréal that will enable our Montréal businesses to breathe easier. SMEs have the potential to transform our economy. By entrusting our network with the administration of these exceptional funds, the governments of Canada and Québec, as well as the Ville de Montréal, are enabling us to enhance our ability to support businesses financially and to accentuate our role in local economic development."

Annie Bourgoin, Marie-Claude Dauray, Jean François Lalonde, Christian Perron, Marc-André Perron and Nicolas Roy, directors general of the six service points of the PME MTL network

Quick facts

• The RRRF, totalling $962 million across the country - with $211 million for Quebec -aims to support businesses affected by the COVID-19 pandemic that cannot benefit from other existing federal measures. In Quebec, the RRRF is being implemented by CED.

• Businesses and organizations based in Quebec facing cashflow and working capital issues must submit their funding request based on cashflow and working capital needs, their organization's total sales and their sector of activity.

• The funding granted to the PME MTL network is conditional upon the signing of agreements with CED.

• The distribution of funds among the six service points of the PME MTL network is determined based on four criteria pre-established by the network: the territory's economic dynamic, measured by its number of establishments; the territory's economic activity, measured by its number of jobs; the scale of the labour market among the territory's population, measured by the total working population; and the vitality of the labour market among the territory's population, measured by the number of unemployed.

• Organizations can access details on the RRRF and Frequently Asked Questions on CED's website.

• The Aide d'urgence aux petites et moyennes entreprises program was established by the Government of Québec this past April to provide working capital support, for a limited time, to businesses facing a precarious financial situation due to COVID-19, so they are able to maintain, strengthen or kickstart their operations. An initial envelope of $150 million was made available to the RCMs and equivalent territories across Quebec to help businesses with cashflow needs below $50,000.

• A reminder that the Government of Québec also implemented, this past March 19, the Programme d'action concertée temporaire pour les entreprises (PACTE), which totals $2.5 billion. Through this program, Investissement Québec is offering loan guarantees and loans starting at $50,000 to support businesses with their working capital so they can pursue their activities.