Monday, March 23, 2020

As new information is continually being released about COVID-19, we are working hard to gather and summarize the information to share with our members. As you know, there have been several government announcements in the last few days about assistance that will be provided to businesses and individuals. Below is a summary of some of those measures. In the coming days we will provide practical information on how to apply for the assistance listed below.

BUSINESS RESOURCES:
In addition to the resources that we have previously sent out, please see the following information:
The Business Development Bank of Canada (BDC) is hosting a free webinar How to cope with the impacts of COVID-19 on your business on March 25, 2020 at 12:00pm EST (https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/webinars/pages/how-cope-impacts-covid-19-on-your-business.aspx?ref=shorturl-coronaviruswebinar)
Download the Canada Business App provided by the Government of Canada to find tailored supports to address your specific needs and questions about COVID-19 (https://www.ic.gc.ca/eic/site/icgc.nsf/eng/h_07670.html)
Canada's Plan to Mobilize Industry to fight COVID-19: If you are a Canadian manufacturer or business that can assist Canada in meeting the need for medical supplies, your help is needed (https://www.canada.ca/en/services/business/maintaingrowimprovebusiness/manufacturers-needed.html)
Canada's COVID-19 Economic Response Plan: Support for Canadians and Businesses (https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html)
Provincial Government Announcements
Premier Ford Announces Job Protection for Workers during the COVID-19 situation (https://news.ontario.ca/opo/en/2020/03/premier-ford-announces-job-protection-for-workers-during-the-covid-19-situation.html)
Ontario Enacts Declaration of Emergency to Protect the Public (https://news.ontario.ca/opo/en/2020/03/ontario-enacts-declaration-of-emergency-to-protect-the-public.html)

Federal Government Announcements
Work-Sharing Program (Federal) temporary measures for the downturn in business due to COVID-19 (https://www.canada.ca/en/employment-social-development/services/work-sharing/temporary-measures-forestry-sector.html)
The one-week waiting period for EI sickness benefits will be waived for new claimants who are quarantined so they can be paid for the first week of their claim. Those who are eligible can apply online. (https://www.canada.ca/en/services/benefits/ei/ei-sickness/apply.html)
The Emergency Support Benefit has been introduced to support workers who are not eligible for EI and who are facing unemployment. We will share details on how to apply once they are available. (https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Canadian_Business)
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
A Temporary Wage Subsidy will be introduced to support businesses that are facing revenue losses and to help prevent lay-offs. The subsidy would be equal to 10% of remuneration paid during a period of time of up to three months, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. (https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Canadian_Business)
The Bank of Canada also took a series of actions to support the Canadian economy during this period of economic stress, enhance the resilience of the Canadian financial system, and help ensure that financial institutions can continue to extend credit to both households and businesses. This included cutting the interest rate to 0.75% as a proactive measure.
The CRA will allow businesses to defer the payment of any income tax amounts that become owing on or after today and September 2020 until August 31, 2020. (https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Canadian_Business)
The Federal Government would like to hear from businesses who can supply products and services in support of Canada's response to COVID-19 (https://buyandsell.gc.ca/calling-all-suppliers-help-canada-combat-covid-19)

Posted at 11:22 AM