COVID-19 Response Update 5
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.
Please be sure to look about halfway through this email, we have a poll we would like you to answer.
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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News from Yesterday's Provincial Press Conference:
As expected the Province announced a number of measures to support business, here is the details that we have right now. We are waiting on more details and through a provincial group we have direct access to the Deputy Minster of Business.
Premier Stephen McNeil, Minister of Business Geoff MacLellan and Dr. Robert Strang, Nova Scotia’s chief medical officer of health, announced today, March 20, measures to help Nova Scotians and Nova Scotia businesses dealing with COVID-19.
Effective immediately, government will invest $161 million to address cash flow and access to credit for small and medium-sized businesses in Nova Scotia.
“I’ve put together a rapid response team to help us best understand the needs of small and medium-sized businesses and our first wave of supports is focused on those most immediately impacted,” said Mr. MacLellan. “We will take further steps as necessary.”
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. and Housing Nova Scotia.
- small business fees, including business renewal fees and workers compensation premiums (a list of fees will be posted online early next week)
Changes to the Small Business Loan Guarantee Program, administered through credit unions, include:
- deferring principal and interest payments until June 30
- enhancing the program to make it easier for businesses to access credit up to $500,000
- those who might not qualify for a loan, government will guarantee the first $100,000
Further measures include:
- small businesses which do business with the government will be paid within five days instead of the standard 30 days
- suspending payments on Nova Scotia student loans for six months, from March 30 to Sept. 30 and 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
Anyone who has travelled outside of Canada must self-isolate for 14 days when they return to Nova Scotia. If you have been in close contact with someone who has travelled and are experiencing fever (above 38 C) and/or new cough should complete the online questionnaire before calling 811. The online questionnaire can be found at:
https://811.novascotia.ca/
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Information from Atlantic Chamber of Commerce
Our team is sending out specific updates in relation to Provincial announcements made today in NS and NB, but we wanted to share with you a request we have made to government.
ACC has sent a
letter of request
to Minister Morneau, asking the Government of Canada to consider
allowing for immediate tax-free withdrawals from RRSPs for a period of 90 days up to a maximum of $10,000
.
This bridging measuring could offer very real relief to cash flow as people, families and businesses access the supports announcement by the Minister earlier this week.
Please see links below from our Corporate Partner, Deloitte, two helpful documents for business. First, a summary of all the measures announced by government
recently, and a tax consideration guide for employers in regard to some of the measures announced.
The Atlantic Chamber of Commerce conducted a survey of members.
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Resources from the Canadian Chamber of Commerce
On Monday, March 23, 1:30 pm ET, we will host a call on COVID-19 crisis and immigration, specifically the
Temporary Foreign Worker
program. If you have not already registered, please consider doing so at this link:
https://www.eventbrite.ca/e/100321393990
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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Other Resources
Starr Cunningham the CEO of the Mental Health Foundation of Nova Scotia delivered a document you can share with your staff or members about working from home. Download Here.
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Business Development Bank of Canada
BDC is taking additional measures to provide relief to Canadian entrepreneurs during these difficult times. These include:
- Working capital loans of up to $2 million with flexible terms and payment postponements for up to six months for qualifying businesses;
- Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
To read the full press release, click
here
.
Over the past couple of days, we’ve received many questions from partners and clients about BCAP, so we’ve compiled some of the key ones below:
How do I access BCAP?
- Businesses seeking support through BCAP should first contact their financial institutions for an assessment of their situation.
- Financial institutions will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.
- Existing BDC clients should reach out to their account manager for additional information.
Why banks first?
- Canada’s six biggest banks have made a commitment to work with small business customers on a case-by-case basis to provide flexible solutions to help them manage through these challenges.
- Banks have a longstanding history of standing by Canadians through challenging times, like now.
- BDC complements the work of Canada’s private-sector financial institutions, with whom we work closely.
Why is it taking so long?
- We are receiving an unprecedented volume of requests. We understand the urgency of the situation and have mobilized all BDC teams to respond as quickly as possible.
We encourage you to share this valuable information with your colleagues and clients.
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HR Webinar
You may be interested in registering for a free webinar offered by BBB Accredited Business Ceridian. This webinar is hosted by HR and employment lawyer Stuart Ducoffe, and will cover important information you need to know about dealing with the Coronavirus outbreak as an employer.
You can register by clicking
here
.