Important** Government is Looking For Suppliers (Products & Services)
Calling all suppliers – Help Canada combat Coronavirus disease (COVID-19)Link
What is at stake? (Updating Every Day)
There are 1.14 million small businesses in Canada, accounting for 97.9 per cent of the country’s employers, according to Statistics Canada data from December 2017. Canada is set to record its first annual decline in GDP this year since the Great Recession. The Bank of Canada has responded to the deepening crisis by lowering interest rates and taking other steps to ease credit market strain, while the federal government has announced a major fiscal stimulus package. Assuming the outbreak is brought under control sometime during the summer, the economy should stabilize by the end of the year. This should set the stage for a stronger economic performance in 2021.
At the moment, it seems possible that many small businesses may have to close their doors over the next several weeks. Closures could be temporary; in some cases, they might turn out to be permanent.
COVID-19 (Corona Virus) has unfortunately affected the health and well being of individuals, businesses and communities worldwide, and keeping communities safe should be our first priority. Many, if not most, businesses are already feeling the effects of the virus, and staying up to date with information is key.
Here at Rapid Boost, we are putting people first. As we continue to monitor the situation and markets, expect more data and analysis in the coming days and weeks.
What’s the local, provincial and federal governments are doing?
EI benefits 1 week waiting period have been waived for employees who are in quarantine or who are ordered to self-isolate. Dedicated toll-free number for anyone is looking for EI related help (Employee or employer): 1-833-381-2725
Another program by the name of: Work-sharing program will be enhanced to help support employers and workers who are impacted by a downturn in business due to the coronavirus.
Income and business tax penalties and interest relief: Covid-19 impacted taxpayers will be granted relief (on a case-by-case basis after submitting the RC4288
If a taxpayer have been impacted by COVID-19 then Tax compliance, verification and collection activities can be postponed.
Flexible payment terms now available: In addition to postponing collection activities, the CRA remains flexible in extending payment arrangements.
Support for employees
No Canadian should have to worry about losing their job, paying their rent or putting food on the table because of COVID-19. That’s why the Government is:
Canada’s strong fiscal position means we are well positioned to respond to challenges such as COVID-19.
Canada’s coordinated approach to supporting the economy and the financial sector includes the Governor of the Bank of Canada cutting the interest rate to 0.75% and the Superintendent of Financial Institutions announcing an additional $300 billion in lending capacity by the major banks.
No employer should feel like they have to lay off a worker in the face of COVID-19. To further support businesses and their employees, the Government has announced:
a new Business Credit Availability Program to make more than $10 billion available to Canadian businesses in financing and credit insurance solutions through:
The Government of Canada will waive the one-week waiting period for people who are in quarantine or have been directed to self-isolate and are claiming for Employment Insurance (EI) sickness benefits, at an estimated cost of $5 million. The Government of Canada will also introduce enhancements to the Work-Sharing Program at an estimated cost of $12 million to help employers who are experiencing a downturn in business due to COVID-19, and their workers. We are exploring additional measures to support other affected Canadians, including income support for those that are not eligible for EI sickness benefits.
The Canadian Chamber of Commerce, as well as Business Development Canada, has developed helpful and comprehensive guides to help you with planning and preparedness.
Insurance contract can be designed to insured against loss of revenue due to pandemic however it will need to be very specific. Business Interruption Losses
Follow the steps, and apply online here for EI Insurance: https://www.canada.ca/en/services/benefits/ei/ei- sickness.html
The Canadian Mental Health Association-Edmonton Region has a distress line in place to provide support for those dealing with mental health issues. There hasn’t been an increase in demand for the service to this point, although it’s expected to increase.
Other helpful links related to Covid-19 (Corona Virus):
Download our customizable templates to easily put policies in place that keep your employees, clients and business safe. Our templates include:
Notice to visitors: If you welcome visitors in your business, you might want to remind them to follow the safety measures you’ve put in place. This sign can help you communicate your expectations clearly and stop unsafe behaviour at the door.
Emergency preparedness: Emergencies can happen at any time. Our five-step checklist will help you identify risks to your business and make an emergency plan to deal with them—including the coronavirus pandemic.
Sick policy:Having an attendance or sick policy is a best practice at any time. It lets your employees know their rights regarding time off for sickness, reducing confusion and frustration.
Ali Salman is an online marketing strategist who have worked with Coca-Cola, Extreme Pita, Mucho Burrito, KIA, Honda and other Fortune 500 companies. Ali Salman now heads Rapid Boost Marketing - Canada's fastest growing search marketing agency. RBM clients include Fortune 500's and medium size businesses across North America. Ali as RBM CMO leads his team in building and managing quality, high-performing and cost-effective interactive campaigns and programs for our company's customers and partners. In his career, he has significantly improved campaign performance for large brands such as Government of Alberta, Liberal Party, Workopolis, Cathay Pacific, as well as medium to large retailers and high-tech B2B-enterprise niches.
Ali and his team develop online promotional concepts that spark viral growth through search and social media for RBM clients, devising strategies that use search engines and more to reach key demographic segments in the ways they're most likely to be receptive. Ali Salman also oversees corporate marketing initiatives for Rapid Boost Marketing, including strategic communications counsel, public and analyst relations and client education programming.