UNDERSTANDING THE STIMULUS MEASURES

Canadian government has stepped up its support for businesses that are badly hit by the COVID-19.
Let us understand the BCAP program that is launched to support businesses. Government grants and business incentives to support the struggling business have been increased in a bid to offset the adverse effects of COVID-19 pandemic on Canadian economy.

Business Credit Availability Program (BCAP)

If you are looking for support through the Business Credit Availability Program (BCAP)

Following are the steps and this is what to expect:

  • Step One is to contact your respective banks

  • The financial institution will assess your situation.

    • Be prepared when you go for that appointment, because, soon the line-up and the resulting backlog will swell. For more help or guidance on what documents to prepare you may reach out to Magnet Financial Corporation since for each business the requirement might be different.

  • Financial institutions after making their assessment will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.

  • The eligibility criteria are the most important part to qualify for this program.

    • These new initiatives are in place to support and provide a cushion to the business owners so as to alleviate the impact of COVID-19 on business operations.

    For BDC to extend additional support, eligible businesses needs to be financially viable entities prior to the impact of the coronavirus.


    Additional BDC Support To Eligible businesses


  • Working Capital : Working capital loans of up to $2 million with flexible terms

  • Payment Postponements for up to 6 months for qualifying businesses free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less and / or

  • Rate Reductions

    • While additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, will be announced in the coming days, please send an email to set up some time at if you need any help to assess if you qualify as eligible business or what more documents are needed before you reach out to financial institution, reach out to :

    For more information on BCAP visit following link below:


    Following financial institutions are participants in this initiative, click on the following links to reach out to Participant's websites:

    Participating private sector lenders will :

    • Work with BDC/EDC to find solutions for creditworthy business clients who might not have sufficient access to credit to run their businesses.
    • Ensure that the extension of credit by BDC/EDC is over and above the credit extended and does not in any way displace or substitute for private credit in aggregate.

    Welcome to our blog where we strive to discuss some relevant topics and opportunities and navigate the maze of complex and dynamic tax and accounting issues.

    We hope you find this information helpful and please feel free to discuss with our expert team your specific business needs and scenarios, so that we can provide you with customize solutions and you benefit from our expertise.One-fit-all solutions are not relevant as far as Tax and Accounting scenarios are concerned. We will be more than happy to hear from you and answer any tax or accounting related issues that you might have.

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    For any questions on any tax related issue, please feel free to email us at   admin@magnetacc.com  or call us at 416-786-7042

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