During his morning COVID-19 update, Prime Minister Justin Trudeau unveiled what should be good news for the travel industry, announcing the launch of the Highly-Affected Sectors Credit Availability Program (HASCAP).
The Prime Minister explained that the government is partnering with Canada’s largest financial institutions to roll out HASCAP which has been designed for Canadian-based businesses that have been the hardest hit by the pandemic and which will allow them to receive low interest loans of up to $1 million.
He indicated that these are 100% government-backed loans and can be used for rent, utilities and to help with payroll.
Applications for HASCAP open on Feb. 1, 2021 and additional information is available by going to https://www.bdc.ca/en/special-support/hascap?ref=shorturl-hascap .
While the industry was waiting to learn if there would be further travel restrictions, the Prime Minister again told Canadians that now was not the time to travel, reviewing the strict measures the country already had in place.
However, he made it clear that the government won’t hesitate
As for additional travel restrictions, Prime Minister Trudeau spoke about the restrictions already in place, noting that they are some of the strongest in the world, but warned that an announcement on new measures would be coming soon.
When asked why an announcement on new travel restrictions was taking so long, the Prime Minister said that because Canada has some of the strongest measures in the world, it has be very careful about additional measures so as not to interrupt the essential supply chain/supply lines and create additional hardships for Canadians.