Will the HASCAP Loan Program be Extended into 2022?

The current HASCAP deadline is set for March 31, 2022. This is an extension to the initial deadline from late June and the first deadline extension on December 31, 2021. However, pressure is starting to mount on the federal government to extend the program, particularly with the ongoing surge of the Omicron variant and ongoing […]

What is the HASCAP deadline?

The revised HASCAP deadline is March 31, 2022 (extended). This is an extension of more than 6 months over the initial deadline which was June 20, 2021 and the previous deadline extension on December 31, 2021. This means that there is still time to contact your primary financial institution to apply for this loan. Don’t qualify for […]

Latest Canadian Economic Update Announces Extension of HASCAP Program

On December 14, 2021, the Canadian Government provided the Economic and Fiscal Update 2021. This update was designed to “report of the nation’s finances and updates Canadians on the government’s plan to finish the fight against COVID-19, support Canadians and Canadian businesses, and ensure a strong recovery for everyone,” according to the news release circulated […]

New Canadian Funding Programs for those Hardest Hit Canadian Businesses.

On Thursday, October 21, 2021, the Canadian government made an announcement on some of its programs of support for Canadian businesses. This does not affect HASCAP, which still appears to be operational through Dec 31, 2021. Businesses who are initially interested in HASCAP may also want to explore these new programs as they are designated […]

Which Sectors Have Benefitted the Most from the HASCAP Guarantee and HASCAP Loan Program?

While more than 8,422 Canadian small businesses have benefitted from the HASCAP loan guarantee (as of Jul 31, 2021) according to data published by the BDC, we thought it was interesting to see the breakdown by sector. As to be expected, “Accommodation, food and beverage service industries” along with “Other Service Industries” relating to tourism, […]

How many HASCAP Loans have been given out to Struggling Canadian Businesses?

While many businesses still struggle with meeting the approval criteria for the HASCAP program, [Still don’t qualify? Check out these Canadian Small Business Loans instead] as of the end of September 2021, more than 8,422 Canadian businesses have received a HASCAP loan, totaling more than $1.8 billion in loans. The BDC has a HASCAP dashboard […]

How is the OSFI regulating the HASCAP Guarantee in Canada

I came across this interesting post written by an articling student within McMillan law firm about how the OSFI (the Office of the Superintendent of Financial Institutions) regulating banks and “deposit-taking institutions” (DTIs) in regards to HASCAP, the Canadian government’s 100% guarantee for highly-affected sector companies. I am posting here for businesses to learn more. […]

What is HASCAP?

The Highly Affected Sectors Credit Availability Program, or HASCAP, is a new program that has been launched by the Canadian government to provide extra support to businesses affected by the Covid-19 pandemic. It was first mentioned in the economic statement in fall 2020, and provides 100% guaranteed loans of up to $1 million with competitive […]