COVID-19 Response Update 7
We are going to do our best to continue providing updates on a daily basis, weekends included. Please feel free to reach out should you have any questions that we might be able to help find you answers for.
Our Operations
Please note that we will not be staffing our office. We will be working from home, if you need to get in touch with us please email info@yarmouthchamberofcommerce.com or call Rick on his cell phone at 902-740-5251
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Online Meeting
Join us for a conversation with regards to the current COVID-19 situation in our region. Local professionals and elected officials will be joining us as well. Bring your questions, we don't promise to have all the answers but we hope to be able to work together to navigate our way through this.
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From Province of Nova Scotia
Nothing new that affects business.
Additional Resources:
Government of Canada toll-free information line 1-833-784-4397
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Information from Atlantic Chamber of Commerce
ACC CEO, Sheri Somerville had a call with the Hon. Mélanie Joly, Minister of Economic Development and Official Languages to provide feedback from the business community. Sheri conveyed that businesses are appreciative of the initial measures but that they are indicating more support is needed regarding creating immediate cash flow and that there is a great deal of uncertainty and confusion surrounding program availability, accessibility and eligibility among businesses.
Some of the suggestions put forth to the Minister included:
- Not increase debt load of SMEs.
- Increase the wage subsidy from 10 to 50 or 75% (similar to Denmark).
- Payroll taxes holiday for at least 60 days.
- Asking Government to work with banks on other relief they can give on loans, mortgage payments, zero or low-cost lines or credit, interest-free credit card period, etc., as well as Merchant fee relief.
- Providing HST Rebates or deferrals to help cash flow.
- Keeping Federal and Provincial Government supplier and funding contracts going.
- Addressing TFW entry/access re: flights and border crossings.
Minister Joly appreciated all of the feedback and indicated that they are working on filling the information gaps to help people navigate the new measures, as well as on the next phase of measures.
Atlantic Chamber has created COVID-19 Business Resource & Information page
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Resources from the Canadian Chamber of Commerce
The Canadian Payroll Association has shared from FAQ's that may be of interest. You can access that information here:
Payroll & COVID-19 FAQ's
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Summary of Provincial Initiatives to Support Small Businesses as of March 23, 2020
Effective immediately, government will invest $161 million to address cash flow and access to credit for small and medium-sized businesses in Nova Scotia.
Changes to the Small Business Loan Guarantee Program
(administered through credit unions) include:
For businesses that currently have loans guaranteed through this program:
- deferring principal and interest payments until June 30
For businesses needing additional credit/liquidity
- enhancing the program to make it easier for businesses to access credit up to $500,000
- For businesses that would not qualify for a loan, the provincial government will guarantee the first $100,000
Government will defer payments
until June 30 for:
all government loans, including those under the
- Farm Loan Board
- Fisheries and Aquaculture Loan Board
- Jobs Fund
- Nova Scotia Business Fund
- Municipal Finance Corp.
- Housing Nova Scotia.
small business fees, including:
- business renewal fees (a list of fees will be posted online early this week)
- workers compensation premiums
Further measures include:
- small businesses which do business with the government will be paid within five days instead of the standard 30 days
- the province will suspend payments on Nova Scotia student loans for six months, from March 30 to Sept. 30. This is automatic, students do not have to apply
- ensuring more Nova Scotians can access the internet to work from home, by providing $15 million as an incentive to providers to speed up projects under the Internet for Nova Scotia Initiative and complete them as soon as possible
Update on Government of Canada initiatives to support small businesses
- WCB payments do not need to be made until June 30
- Corporate income tax payments can be deferred until September 1, 2020 – no interest or penalties on late installments in that period.
- Federal temporary wage subsidy in place for 3 months – for wages paid between March 18 and June 20 th . Reduce income tax (NOT CPP OR EI) remittance by 10% of gross wages to a maximum of $1,375 per employee, total maximum $25,000. Continue to deduct tax, CPP and EI from employees as usual. Available to small business (CCPC, under $16M taxable capital), NPOs and charities: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html
