Business Resources and Programs to Assist during COVID-2020
Here are a few highlights of a few resources and programs that the provincial and federal government have put in place to assist businesses during this time:
1
) Stop the Spread Business Information Line
The province has launched a toll-free line 1-888-444-3659 to provide support to Ontario businesses who have questions about the province's emergency order to close at-risk workplaces.
2) Canada Emergency Response Benefit (CERB)
This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic.The CERB applies to many Canadians including contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI). Additionally, workers who are still employed, but are not receiving income because of disruptions to their work situation due to COVID-19, would also qualify for the CERB. This would help businesses keep their employees as they navigate these difficult times, while ensuring they preserve the ability to quickly resume operations as soon as it becomes possible. The portal for accessing the CERB will be available in early April.
3) Wage Subsidy
Payroll support has been increased to 75% of wages for qualifying businesses, for up to three months. This will help businesses to keep and return workers to the payroll. The subsidy will be retroactive to March 15, 2020.
4) Canada Emergency Business Account
This program will provide up to $25 billion to eligible financial institutions so they will be able to offer loans of up to $40,000 to qualifying businesses. Guaranteed and funded by the Government of Canada, these loans will be interest free for the first year. If businesses meet certain conditions, up to $10,000 will be forgivable.
5) Small and Medium-sized Enterprise Loan and Guarantee Program
This program will enable up to $40 billion in lending through Export Development Canada (EDC) and the Business Development Bank of Canada (BDC). Businesses will be able to apply for guaranteed loans through their financial institutions to assist with their operational cash flow requirements.
6) Deferred Payments
HST payments as well as customs duties and taxes owed on imports have been deferred until June.
For a list of all resources available to business, go to the Municipality of North Perth Business Support Page found
HERE
.
