Feds to spend $64 M to compensate small Quebec metal businesses for U.S. tariffs
Nearly 100 small and medium-sized businesses in Quebec will receive payment from the federal government due to U.S. tariffs.
The feds said Tuesday they will spend $64 million in grants for 99 businesses involved in the province’s steel sector, said federal Minister of Industry Mélanie Joly.
PEDNO is one of the 99 Quebec SMEs in the steel sector that will receive a non-repayable financial contribution from the federal government to compensate for the impact of U.S. tariffs. The money will help small businesses like PEDNO to update their equipment and develop new markets to diversify their revenues.
Contributions range from $105 000 to $1 million and the action is expected to prevent more than 1,000 high-paying jobs from being lost.
PEDNO is located in Laterrière, Que., a 5,800-person borough outside Chicoutimi, where it builds chains and tracks for the forestry industry.
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