Montreal businesses to get $50 million in aid from Quebec and Ottawa

Small and medium-sized businesses in Montreal will receive $50 million in support from the provincial and federal governments as they emerge from the COVID-19 crisis.

The aid was confirmed Monday by federal Economic Development Minister Melanie Joly, provincial Economy and Innovation Minister Pierre Fitzgibbon and Montreal Mayor Valerie Plante.

The money, which is mainly aimed at downtown businesses, will be distributed in the form of low-interest loans of up to $40,000 as well as grants.

Some $30 million of the money will come from the federal government through its COVID-19 regional relief fund, while Quebec will add $20 million to its fund for Montreal, which now sits at $60 million.

In addition to retail stores, restaurants and the cultural sector will also be eligible for the program.

Montreal is the Canadian city that has been hit the hardest by the COVID-19 pandemic, with over 26,000 confirmed cases to date.