An Update from us on COVID-19 Supports
- March 30, 2020
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Federal Government Provides Additional Details on 75% Wage Subsidy
During today’s COVID-19 briefing, the Prime Minister provided further details on how the federal wage subsidy program will be structured. Details regarding access to the wage subsidy include:
- Businesses and non-profit organizations (e.g. chambers of commerce) seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program;
- Government will pay up to 75 per cent of a salary on the first $58,700, retroactive to March 15, 2020;
- Employers are urged to pay the remaining 25% if they can;
- Encouraging employers to re-hire laid-off employees so they can benefit and be ready to return to the work force once this is over;
- Finance Minister Bill Morneau will have further details tomorrow; and
- The program Is intended to operate on a good faith basis—there will be "serious consequences" for those who abuse it.
Finance Minister Morneau will provide comprehensive information regarding qualifying businesses by March 31.
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The Greater Charlottetown Chamber of Commerce held a webinar with MP Sean Casey and MP Sean Fraser, Parliamentary Secretary to the Minister of Finance, on federal government resources and supports for businesses during the COVID-19 crisis.
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Refusing Cash: A message for Essential Service Providers
As we all do our part to try and limit the spread of COVID-19, more businesses are choosing not to accept cash to limit potential exposure.
The Bank recognizes these measures are being taken with the safety and well-being of both staff and consumers in mind. We all need to be doing what we can to reduce the risks.
You may not be aware that refusing cash purchases outright will put undue burden on the people who depend on cash and have limited payment options. In these trying times, we sincerely hope that as business leaders you will provide Canadians with the goods and services they need – now is not the time to turn them away.
It’s important to keep in mind that the risks posed from handling cash are no greater than those posed by touching other common surfaces like doorknobs, kitchen counters, handrails, etc. Front-line staff handling cash should follow the
public health guidelines on COVID-19
and wash their hands often, as they would do for other activities.
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PEI Offers Commercial Rent Deferral Program
The program will permit tenants and landlords to defer rent payments from their commercial tenants for 3 months, spreading the deferred rent amount over the rest of the lease term. If a tenant’s business is closed due pursuant to the Public Health Act, related to the COVID-19, you could be eligible for coverage up to a maximum of $50,000 per landlord and $15,000 per tenant if you can’t recover the deferred rent.
To be eligible for the COVID-19 Small Business Rental Deferral Guarantee Program, landlords must have a rent deferral agreement in placed and register with Finance PEI by April 15th by emailing
Finance PE
I
.
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The
Premier’s Economic Recovery Council
, a strategic business working group for government to gain input, advice and discuss options as to how best to navigate our economy through these unprecedented times.
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PEI Sourced Solutions
, an online portal to help Island residents and businesses meet the challenges of the pandemic, including the need for medical supplies, virtual care services, or to share ideas on how the province can help businesses and industries weather the impacts of COVID-19. This portal can be accessed starting tomorrow, March 31, at 8 AM.
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Premier scolds Islanders for ignoring chief public health officer's advice.
To read the message, click on button.
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CN President Requests Feedback from Users of Transportation Network
In the interest of better meeting the needs of the public , CN has circulated a video from its president and is
requesting feedback and questions
on how the company/network can better meet transportation needs.
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BDC Loan & Guarantee Program Update
BDC announced the details of its new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in additional lending. The program will operate as follows:
- Small and medium-sized businesses can get support through a new Co-Lending Program that will bring the BDC together with financial institutions to co-lend term loans to these businesses for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts up to $6.25 million, 80 per cent of which would be provided by BDC, with the remaining 20 per cent by a financial institution.
- EDC will also provide funding to financial institutions so they can issue new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized businesses, as a result of a new domestic mandate enhancing EDC’s role in supporting Canadian businesses through COVID-19 crisis. These loans will be 80 per cent guaranteed by EDC, to be repaid within one year.
- Eligible companies could obtain up to $12.5 million through these two lending streams.
To read the full press release, click
here
.
You can also click
here
in case you missed the previous press release presenting BDC’s additional relief measures.
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View the Canadian Chamber of Commerce E-News for March 30, 2020
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Thank you for taking the time to complete The Kensington and Area Chamber of Commerce COVID-19 and YOUR BUSINESS Survey
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We appreciate your input and will share these results with Government and continue to advocate your needs.
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As your Chamber, we are here for you and will continue to share relevant information as it becomes available. Please continue to reach out with your questions, comments and concerns.
For more information, please check out our website at:
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