Improvement of the Financial assistance program for businesses affected by major construction work

2 minutes

Montreal centre-ville

On March 19th, 2021, the City of Montreal has announced an improvement of the Financial assistance program for businesses affected by major construction work. Learn more about the changes added !

An improvement of $1.2 millions of dollars

 

In order to optimize this program, the City of Montreal has commissioned the firm Raymond Chabot Grant Thornton to carry out a study aimed at identifying the factors that would allow a greater number of businesses to benefit from this program. In light of the results of this study, the City decided to increase the financial envelope for the program by $1.2 million and also modified certain terms so that this program is more accessible to a greater number of merchants.

This financial assistance program is the first of its kind in Canada.

 

More accessible criteria 

From now on, in order to be eligible for the Financial assistance program for businesses affected by major construction work, the following criteria must be met :

The only loss of gross profit found to qualify will be only 5% (previously it was 15%)

Increase of $10,000 in the maximum amount of subsidy that can be paid per fiscal year in relation to an eligible request ($30,000 to $40,000)

Extension from 24 to 36 months of the period during which a request can be submitted for certain sectors where the period of work prior to the date of the by-law and where the program expired since last January

Exclusion of periods of a fiscal year prior to the work that took place during the period of the state of health emergency decreed by the Government of Québec from the calculation of comparable gross profit

Annual redistribution and improvement of the budget envelope dedicated to the program, making it possible to designate commercial sectors that can benefit from the program until 2024 inclusive.

All the details of the program will be communicated to you shortly in our brochure.