Municipal measures - The City of Montreal

Current as of April 17, 2020.

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Emergency Financial Assistance

DESCRIPTION

The city of Montreal has created a $5 million assistance fund to support sectors that have been hit hardest in the short term: retail businesses, social economy, creative and cultural industries and tourism.

LINKS

See the City of Montréal's page regarding the support measures taken for Montréal business here.

Second Instalment Of Municipal Taxes Postponed

DESCRIPTION

Owners have until July 2, 2020 to pay the second instalment of their annual property taxes. The deadlines for other invoices remain unchanged.

ACCESS AND ELIGIBILITY

This change applies to all property owners in Montréal. Whether you are an individual or a business, you have until July 2, 2020 to pay the second instalment of your property taxes. This pertains to the tax account you have received at the beginning of the year.

LINKS

See the City of Montréal's page regarding when and how to pay your municipal tax account here.

Automatic Moratorium On Capital And Interest

DESCRIPTION

The PME MTL network is offering an automatic, six-month moratorium on capital and interest to private and social economy businesses who have received a loan through the PME MTL fund, Fonds Locaux de Solidarité and Fonds de commercialisation des innovations.

The city will pay the portion of interest during this period.

LINKS

See the City of Montréal's page regarding the support measures taken for Montréal business here.

Enhancement of the Emergency Assistance to Small and Medium Enterprises Program

DESCRIPTION

The city of Montréal is enhancing the measure introduced by the Québec government to support, for a limited period, eligible companies that need cash flow of less than $50,000. An envelope of $40 million is earmarked for Montréal companies. The assistance, granted in the form of a loan at a rate of 3%, will be provided by PME MTL, the City of Montréal's business support network. A six-month moratorium will be granted on all loans and the city will assume the interest during this period.

ACCESS AND ELIGIBILITY

Emergency assistance to small and medium-sized enterprises is in the form of loans of up to $50,000 at an interest rate of 3%.

A 6-month moratorium on principal and interest will automatically apply on all loan agreements. An additional moratorium of up to 12 months on principal may be granted.

An amortization of 36 months, excluding the repayment moratorium, must be provided for. Exceptionally, amortization could be up to 60 months, excluding the repayment moratorium.

The financing will have to make up for the lack of liquidity caused by :

- an impossibility or a substantial reduction in the capacity to deliver products (goods or services) or merchandise;

- a problem in the supply of raw materials or products (goods or services).

The assistance granted may not be combined with assistance obtained under the Government of Quebec's temporary concerted action program for businesses (PACTE).

LINKS

See more information about the emergency assistance to small and medium enterprises here.


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