(COVID-19) Emergency Assistance for Small and Medium-Sized Businesses | (PAUPME)

The Emergency Assistance Program for Small and Medium-Sized Businesses (PAUPME) seeks to support, for a period no greater than six months, the working capital of SMEs to enable them to maintain, consolidate or revive their activities.
The assistance granted will take the form of a loan or loan guarantee of up to a maximum of $50,000, based on the following terms:

• 3% interest rate;
• a three-month moratorium on the repayment of principal and interest, which may be extended until March 31, 2022;
• the possibility of an additional 12-month moratorium on principal repayment;
• 36-month loan amortization following the moratorium;
• the possibility of amortizing the loan repayment up to 60 months after the moratorium.

As part of the recovery of operations of a business, additional assistance of up to a maximum of $50,000 may be added to funding already granted under the program.

The total value of the financial assistance granted to a business may not, however, exceed $150,000 at any time within a 12-month period.

Applications for financial assistance under the PAUPME must be submitted not later than four weeks after the lifting the health emergency.

The financial assistance addresses the need for the working capital required to maintain the operations of the business and is determined based on justified and reasonable expenses, as well as on a recovery plan showing good prospects of profitability in the medium term. The funding must offset cash-flow problems stemming from:

• the inability or significantly reduced capacity to deliver products (goods and services) or merchandise;
• problems in obtaining raw materials or products (goods or services);
• slower resumption of the operations of the business due to the COVID-19 pandemic.

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