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  • Writer's pictureExpress Business Funding

Alternative Financial Aid During COVID-19

The COVID-19 Economic Response Plan has helped many people during the current crisis. The Government of Canada has promised to provide as much as 27 billion dollars to both workers and businesses. However, there are many people who are still unable to tap into the resources the government has offered.

It has been over two months since the Prime Minister addressed the need to stabilize the Canadian economy by helping Canadian businesses. The Business Credit Availability Program (BCAP) has allowed many companies, including small to medium-size businesses to stay up and running. However, certain businesses are unable to obtain monetary compensation because they are ineligible for government financial aid.

The bank of Canada has also taken steps to relieve economic stress on both households and business. They have reduced interest rates and helped financial institutions to continue extending credit to those who need it. However, there are still businesses that do not meet the requirements needed in order to receive adequate credit to continue operations.