Highly Affected Sectors Credit Availability Program (HASCAP)
Description
To support businesses affected by COVID-19, the Government of Canada has announced Highly Affected Sectors Credit Availability Program (HASCAP). Eligible Business may apply from $25,000 to up to $1,000,000, depending on qualifying criteria.
- Loan amount available from $25,000 up to $1,000,000
- 4 % Fixed Interest Rate
- Maximum term of 10 years
- Principal repayment may be deferred for the first 12 months
- HASCAP funds must be exclusively used for the purpose of continuing business operation, and for no other purpose
- HASCAP Program is no longer accepting new applications as of March 31, 2022.
Eligibility
- Business must have received CEWS or CERS due to 50% revenue decrease for at least 3 months during the 8 months prior to application date.
- Canada Emergency Wage Subsidy (CEWS)
- Canada Emergency Rent Subsidy (CERS)
- Canada Recovery Hiring Program (CRHP)
- Tourism and Hospitality Recovery Program (THRP) – Wage Subsidies
- Tourism and Hospitality Recovery Program (THRP) – Rent
- Hard Hit Business Recovery Program (HHBRP) – Wage Subsidies
- Hard Hit Business Recovery Program (HHBRP) – Rent
- if Business is eligible for any of the programs above, please apply to the respectful program first before applying for HASCAP
- If your business is not eligible for any of the government program above*, you must provide accountant prepared financial statement that states a monthly year-over-year revenue decrease of a minimum of 50% per month for at least 3 months during the 8 months prior to the application date.
*Only the following cases will be permitted:- CERS: Your business did not have a CRA Business Number on September 27, 2020 or did not have a CRA payroll account on March 15, 2020
- CEWS: Your business did not have a CRA payroll account on March 15, 2020
- CHRP: Your business did not have a CRA payroll account on June 6, 2021
- THRP – Wage/Rent, HHBRP – Wage/Rent : Your business did not have a CRA payroll account on Oct 24, 2021
- CERS: Your business did not have a CRA Business Number on September 27, 2020 or did not have a CRA payroll account on March 15, 2020
- The business was financially viable prior to COVID-19
- The business is Canadian Business affected by COVID-19
- Please be advised that the following businesses are not eligible to apply:
- Business that economically relies on non-commercial sources such as government funding or donations
- Government organization or body (Other than an indigenous entity or body)
- Non-profit organization, charity, union, fraternal benefit society, fundraising vehicle for charity, unless revenue is generated outside of non-commercial sources such as donations or government grand funding
- Religious Organization
- Business owned by any current member of Parliament of Canada or Senate of Canada, except for business which equity interest are publicly traded
- Business that promotes violence, incite hatred or discriminate on the basis of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability
- Business or Affiliates has been determined that they have committed tax evasions or except as disclosed, been subject to any assertion or assessment to have engaged in tax evasion
| HACSCAP Eligibility Self Check | Preparation | Remark | |
|---|---|---|---|
| Case 1 | Received CERS or CEWS | 1. CRA confirmation for CERS / CEWS 2. Receipt for CEWS/CERS subsidy 3. Supporting Bank/Financial statements | Supporting Bank / Financial statement must show a minimum 50% decline in revenue compared year over year, in at least 3 months during the 8 months prior to application date |
| Case 2 | Eligible for CERS or CEWS but has not received CERS or CEWS | Apply for CERS/CEWS and obtain receipt, then proceed as case 1 | |
| Case 3 | Eligible Canadian Business but not eligible for CEWS or CERS | 3 monthly financial statements, with year-over-year comparison financial statements that reflect a minimum revenue reduction of 50% in each of the months for at least 3 months (not necessarily consecutive) in the last 8 months |
For more information, please visit www.bdc.ca/en/special-support/hascap or contact one of our branches.