Description
Emergency lending policy for businesses affected by public health orders or pandemics. Covers: triggering event (federal, provincial or First Nation health emergency declarations); eligible applicants and insider exclusions; blended loan and non-repayable grant structure; maximum amount and term; 12-month payment deferral with amortization from month 13; penalty-free prepayment; eligible expenses (payroll, rent, utilities, insurance, property tax, scheduled debt service); eligible safety measures (sanitization, protective equipment, reopening preparation); prohibited uses (refinancing, dividends, distributions, increased management pay); coordination with federal relief programs to avoid duplication; documentation; streamlined approval authority; monitoring; and program sunset.
