The Canadian and Quebec governments pledged $50 million to support Montreal businesses that have been struggling throughout the COVID-19 pandemic, according to an announcement from the city’s Mayor Valerie Plante Monday morning.
The Canadian government will provide up to $30 million in funding through its Canada Economic Development for Quebec Regions (CED), and the Quebec government is giving $20 million through its emergency aid for small and medium businesses program.
“This financial support is giving a second wind to the entrepreneurs and merchants that make Montréal the heart of the Quebec economy and a hub of the Canadian economy,” Plante said in a press release. “Our metropolis is characterized by an economic dynamism carried by the tireless work and commitment of all players in the Montréal business community.”
According to the press release, the funds are going to be given out by PME MTL, which is the city’s business support network, based on an area’s number of businesses, number of jobs, total working population and the number of people who are unemployed.
“To enable Montréal’s economy to bounce back fully, we must support entrepreneurs to ensure the survival of our commercial arteries, especially downtown,” Mélanie Joly, Canada’s minister of economic development and official languages and minister responsible for CED.
Montreal has been the epicentre for the COVID-19 pandemic within Canada with 26,205 cases, and 3,067 deaths as of June 7, and it’s small businesses have felt the effects.
Following the announcement, the Quebec federation of chambers and commerce (FCCQ) tweeted that the funding is necessary to help businesses deal with the tougher health situation in the city, and later reopenings.
Despite the fact that some Montreal retailers were able to reopen in late May, dine-in restaurants and shopping malls remain closed in the greater Montreal area.
With files from CBC News
For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.