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Montreal announces $50 million in emergency loans for small and medium-sized businesses

| Updated on January 21st, 2021 at 12:28 PM

Montreal announces $50 million in emergency loans for small and medium-sized businesses
/ Nora Carol Photography / Moment / Getty Images

The City of Montreal announced that it will invest an additional $50 million to medium and small businesses that are struggling to survive during the second wave of the COVID-19 pandemic.

This follows the $70 million the city received from the Quebec government in 2020, which the city says was "practically exhausted at the end of the year."

According to CTV News, non-essential businesses that have been forced to close down during the second wave can now apply for a loan up to a maximum of $50,000.

The city is also granting a four-month freeze on principle interest on top of the three-month moratorium already in place.

We recommend visiting the PME MTL website, for more information.

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