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:
- enhancing the Work-Sharing program to support employers and their workers who are experiencing a downturn in business
- waiving the one-week waiting period and the requirement for a medical certificate for employment insurance (EI) sickness benefits to provide immediate support for workers in quarantine
- temporarily boosting Canada Child Benefit payments to ensure working families have enough money to support their kids
- introducing an Emergency Support Benefit to provide support to workers facing unemployment who are not eligible for EI
- extending the tax filing deadline to June 1, 2020
- and much more
Support for businesses
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 Canada Revenue Agency will defer tax payments until August 31, 2020, to help businesses with cash flow
- immediate relief for small businesses with a 10% wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer
- a new Emergency Care Benefit of up to $900 biweekly for up to 15 weeks for self-employed people and others who are not eligible for EI sickness benefits
- increased credit available to farmers and the agri-food sector through Farm Credit Canada
As announced by the Finance Minister, BDC is increasing the amount of financing available to entrepreneurs during the COVID-19 outbreak.
- Small Business Loan: Up to $100,000 can be obtained online.
- Working capital loan: Get extra funds to bridge cash flow gaps and support everyday operations.
- Purchase Order Financing: Increase your cash flow to fulfill domestic or international orders with very flexible terms.
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.
- Canada’s measures to support the economy and the financial sector (Government of Canada)
- Support for Entrepreneurs impacted by coronavirus (BDC)
- Pandemic preparedness resources for business (Canadian Chamber of Commerce)
- Continuity plan toolkit (Business Development Canada)
Trade commissioners can provide you with market-specific insights and guidance to help you mitigate the impacts of COVID-19.
- COVID-19 frequently asked questions for Canadian exporters (Export Development Canada)
- COVID-19: Managing the impact on global supply chains (Export Development Canada webinar)
- Contact a trade commissioner abroad
- Trade Commissioner Service general enquiries
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):
Resources for Employers
- OHS: Respiratory viruses and the workplace
- Employment standards rules
- Business continuity planning (PDF, 319 KB)
- WCB: COVID-19 worker fact sheet (PDF, 57 KB)
- WCB: COVID-19 employer fact sheet (PDF, 70 KB)
- POSTERS: Help Prevent the Spread
Province Specific Information
Free Resources For Businesses:
Google is giving G Suite and G Suite for Education customers free access to their Hangouts Meet video-conferencing features.
LinkedIn emailed registered users today stating that they are now offering numerous LinkedIn Learning courses about remote working for free. Link to the Course.
LogMeIn is providing a free Emergency Remote Work Kit that gives free 3-month site-wide licenses to GoToMeeting to make it easier for remote workers to conduct meetings.
Microsoft is making Microsoft Teams for free for the next six months to aid businesses who move towards a remote workplace during the outbreak.
Oneclick is making their remote access Basic Starter Package free for the next three months to assist those working remotely
Zoho is now offering free access to its Remotely remote work software suite through July 1st, 2020.
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.
Business implications of COVID-19:
- COVID-19: Implications for business (McKinsey)
- Coronavirus: The Black Swan of 2020 (Sequoia Capital)
- Making Sense of the Economic Impact of the Coronavirus (Harvard Business Review)
- Proactive Steps for Employers to Take in Light of the Coronavirus (COVID-19) Outbreak (Cooley)
- Interim Guidance for Businesses and Employers (CDC)
- Enterprise Start ups: How to Weather the Storm (Medium)
- Blog: COVID-19 Updates for Startups (Elad Gil)
- What Canadian exporters need to know about coronavirus (EDC)
- How Long This Crisis Will Last (CTV News)
Managing cash flow:
- Raising capital virtually (Twitter – shared by Maren Bannon, Founder and VC)
- Canadian Government ensuring economic resilience (Government of Canada)
- Funding in the Time of Coronavirus (Medium)
- What Could the Venture Market Look Like in the Coronavirus Era (Tomasz Tunguz)
- COVID-19 – Managing cash flow during a period of crisis (Deloitte)