The Minister of the Economy, Pierre Fitzgibbon, announced Thursday the end of the Emergency aid program for small and medium-sized enterprises (PAUPME) and the Concerted temporary action program for businesses (PACTE).
Both of these programs will end on June 14. Companies wishing to benefit from it will therefore have to submit an application before this date, said Minister Fitzgibbon. The latter also announced the extension of the moratorium for the start of repayment of capital and interest on loans received until December 31, 2022.
These programs have made it possible “to limit business closures since the start of the pandemic”, said Minister Fitzgibbon, in a press briefing. “We were able to help more than 16,000 companies,” he said.
Mr. Fitzgibbon also announced that businesses that have received assistance under these programs will be able to see the equivalent of 25% of the financing granted converted into a non-repayable contribution. This could reach a maximum of $40,000 in the case of the PACTE.
PAUPME and PACTE were scheduled to cease their activities four weeks after the lifting of the state of health emergency. On June 1, the adoption of Bill 28 put an end to this measure, which gave exceptional powers to the government to manage the pandemic.
Further details will follow.
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