Just six weeks ago, our greatest concern was the pending high water levels in Lake Ontario. Today, we navigate through changing daily directives without knowing when we will return to some sort of normal and what that new normal looks like. There is little consolation in this moment – and we are all affected by this in some way. We are also, in many ways, fortunate. We have power. We have clean water. We have access to our homes. We have groceries and health care - with a huge thank you to all of these essential workers who depend on us to follow the rules to keep them safe.
We may be isolated but we have communication.
And we are all waiting. Together.
Our governments continue to caution us while they encourage us to stay calm. They are trying very hard to make sure the most vulnerable are taken care of first while still considering implications to the economy. There are some significant programs already in place to help businesses and their employees but we know that doesn’t help everyone.
Following a week of major announcements, this seems more a week of “wait-and-see” –
Will the application go through?
Will the numbers go down?
Will this really go on so long I need to apply for a loan, a wage subsidy, the CERB for self-employed?
The reality of how long this could continue is also settling in. The province has shut down any major event through the end of June. Our city has closed its parks and public facilities. We have had to cancel our spring Artfest event the end of May.
What will come next? We continue to push out information as we get it...
do you want us to share your post? Tag us @bellevillechamberofcommerce
RESOURCES FOR YOU
Here through the Chamber network, we are working at every level to make sure our small business owners who are left out right now are not forgotten. Many thanks to MP Neil Ellis who called last week to make sure I knew what was being made available through the loan program and that businesses should contact their bank for more information - the application process is simple. I did share that the program is still exclusive and asked him to continue to press for less restrictive conditions around payroll requirements for eligibility.
The
Canadian Chamber of Commerce
has partnered with Stats Canada to gather information through a survey. This comprehensive survey will measure the impact of COVID-19 on Canadian businesses and help the Government of Canada devise strategies and mechanisms to foster the survival and continuity of businesses in Canada. The survey will take about 20 minutes to complete and requires your Business Number (BN). Some of the questions are more relevant to larger businesses but there are questions that will ask whether you are going to be able to resume business or not once this is over.
The
Ontario Chamber of Commerce
is also interested in knowing what is happening in your circumstance. We know it changes daily and weekly. What might have been tenable before April 1
st
now has you very concerned looking towards May 1
st
. Here is a link that that you can use to provide feedback on your situation and it is checked daily.
UPCOMING WEBINARS
Crisis Law: Your Business and the Pandemic
Todd Storms from TEMPLEMAN has prepared a webinar with a panel of lawyers to discuss the concerns they are hearing of most.
The topics for the presentation are (generally):
Commercial – contract clauses/issues that are arising right now – delay claims, force majeure clauses, issues with commercial tenancy/landlord, commercial leasing.
Litigation – brief update of what is happening in the courts.
Insurance – business interruption insurance and issues arising with.
Employment – this is changing daily with all the announcements but generally issues with respect to layoffs, workplace safety, comments on government programs, and whatever else is developing at the time.
Thursday, April 9
9:30 – 10:30 am
OCC sponsored webinar –
The COVID-19 pandemic continues to spread, straining Ontario businesses as they attempt to identify and cope with restricted movement, containment measures and regulatory restrictions affecting their employees and operations.
During this webinar, two immigration managers from Fragomen’s Toronto office will provide the most up-to-date immigration-related intelligence and compliance guidance, including:
· How to navigate the current environment including work from home/layoffs/salary reductions/ global travel for foreign workers
· COVID-19 related travel restrictions to Canada: air vs. land travel and entry ban exemptions
· Visa office processing for Canadian applications: what is open and what is not?
· Mandatory self-isolation upon entry to Canada
· Visa applications at U.S. port of entries along land crossings/pre-clearance
· An interactive Q&A
Join us for this webinar featuring experts from one of our valued OCC corporate members, Fragomen.
Thursday, April 9
12:00 pm to 1:00 pm
RECORDED WEBINARS
WEBINAR from OCC & MNP (April 3)
Everything you need to know regarding business supports announced by the federal and provincial governments to assist your business through the COVID-19 pandemic.
Watch it here
and access the
powerpoint deck
.
WEBINAR from BDC: Pierre Cleroux (March 23, 2020)
This was recorded before the Canadian relief and recovery programs were announced but it is a good overview of what they think will happen if certain conditions continue.
___________________________________________________________________________________
The following information is provided based on what I have understood from the resources made available through a variety of sources - please, consult your professional advisor - your bank, accountant and payroll service provider are on top of this information.
But if you're wondering what program might work for you - this may help distinguish between the options.
We continue to lobby against the conditions that limit our smallest businesses from accessing relief that will assist with recovery. We know your only option at this time is CERB but we are working constantly to keep the message moving up that it is not enough.
Wage subsidy – 75% paid by the government/25% by employer
CONDITION – 30% decrease in revenue by month (March, April, May)
In spirit, the purpose of this program is to support businesses that can have their employees working safely without the revenue to support it during this time.
Circumstances I’ve seen this applied:
Employees can work remotely (we are doing this at the Chamber)
Employees are not at risk in the work environment and there is work to be done (a business is undertaking a reorganization/clean up etc) – this can include you
OR
Employers concerned that their employees will seek/find other employment and the cost of recruiting/retraining is high
Goodwill – where the employees will stay at home and not do any work
Employers are very strongly encouraged to pay their employees the remaining 25%.
If you use a payroll company (or accountant) to process your payroll, they are able to assist with the application process.
The 10% wage subsidy can be accessed automatically and with no application required. Check with your payroll administrator/accountant.
Interest Free Loan – up to $40,000 with 25% forgivable if paid in full by December 2021
CONDITION - $50,000 in payroll in 2019
This is of particular value if you anticipate cash flow for operational expenses will be diminished – and in theory, could be used in lieu of a line of credit.
The recommendation is to go to your bank first but little background information is required.
The advantage is if you apply for the amount, and don’t need it all – it is easy to pay back by the deadline and up to $10,000 is forgivable.
I compare this use to to pain medication – you can wait until it gets really bad and need a high dose or you start from the beginning with a low dose.
Certainly, without knowing how long this may last – people may be inclined to attempt bankrolling this on their own with savings, etc at first… I would take advantage of the interest free portion particularly if you expect business to return to normal (your services will still be required) following the crisis.
CERB - Self Employed Benefit
CONDITION - no income for 14 days; retroactive to March 15
This is a $2,000/month subsidy that in particular applies to those who have no other source of income and are not eligible for traditional EI benefits.
(Monday - January, February, March) - etc... Friday/Saturday/Sunday - any month
Please - stay safe, stay well, stay home as you can...
We're in this together and do not hesitate to reach out if there is anything you think we can help with.
Jill Raycroft
CEO
Belleville Chamber of Commerce
C: 613-847-4090
