COVID-19 Response Update 11
Reminder - we have these asks of our membership.
- We have received a request to reach out to you our members and the business community at large to see if you have any potential medical supplies available including; masks (surgical and N95's) and gloves (latex & nitrile). If you have any other items that you believe might be useful, please send Tracy a list and count of what you would be willing to put on hold for potential use by local medical professional.
- We have had a request from Minister Joly, the minister responsible for Economic Development to find out if you are getting the support you need to get loans and other support from your bank. If you have gotten support or are working on it and want to tell us about your your success or troubles it will help the federal government.
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The federal government announced the following:
- A 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020.
- New loan programs for businesses, including interest-free loans of up to $40,000 for small businesses and not-for-profits.
- Deferral of GST/HST remittances and customs duty payments to June 30, 2020.
- Deferral of customs duty and sales tax for importers on payment deadlines for statements of accounts for March, April, and May to June 30, 2020.
- Additional measures from CRA for individuals and businesses
- Further details on these new measures are expected by Monday, March 30.
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As a reminder we suggest you
register with My Account (for individuals) or My Business Account (for businesses). Sometimes people my experience a delay if a PIN number is required to be sent through the mail. We are suggesting that this may save you time in the future.
To do so you can head to the following websites based on your needs;
My Business Account
My Account for Individuals
Even if you are not sure you will need support it does not hurt to sign up for these accounts for future use.
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COVID-19 SMALL BUSINESS RENTAL DEFERRAL GUARANTEE PROGRAM
We realize that rent is due in only a few days and businesses that have been required to close as a result of the Public Health Order are left wondering how they will pay their bills. Government is encouraging landlords to defer payment of commercial leases for three months and spread those payments over the remainder of the lease agreement. Landlords who enter into a rental deferral agreement with their eligible tenants will be able to claim losses of rental income.
To be eligible for the COVID-19 Small Business Rental Deferral Guarantee Program, landlords must register with the Department of Business by 3 April by emailing
NSRentDeferral@novascotia.ca
. The rent deferral agreement must be in place by 1 April.
UPDATE TO THE TENANCY AND DISTRESS FOR RENT ACT
Effective March 31, 2020 at 6 a.m., landlords are not permitted to change locks or seize property of businesses who cannot pay rent, if the business closed directly because of COVID public health orders.
NOVA SCOTIA TENDER NOTICES
Are you a business that can supply products and service in support of Nova Scotia’s response to COVID-19? If so, we want to hear from you. A procurement portal has been developed and includes a list of products and services we’re looking for. For more information, visit
https://procurement.novascotia.ca/ns-tenders.aspx
FEDERAL SUPPORT FOR SMALL BUSINESSES ANNOUNCED TODAY
Today, March 27, the federal government announced supports for small businesses impacted by COVID-19. The announcement included:
- An increase to the wage subsidy from 10% to 75%, back dated to March 15, 2020
- Allowing businesses, included self-employed, to defer all GST and HST payments until June
- The launch of the new Canada Emergency Business Account – offering $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses
- Launch of the Small and Medium-sized Enterprise Loan and Guarantee program, that will enable up to $40 billion in lending through the EDC and BDC
TAKE OUT AND DELIVERY SALES OF ALCOHOL PERMITTED FOR RESTAURANTS
Restaurants who are providing take out and delivery are now permitted to include alcohol purchases with those orders, as long as the alcohol cost is not more than three times the value of food ordered, effective March 30. Read more at
https://novascotia.ca/news/
PROVINCIAL SUPPORTS FOR SMALL BUSINESSES
The provincial government has announced several initiatives to address cash flow and access to credit for small and medium sized businesses in Nova Scotia:
- Payment deferrals until June 30 on 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.
- Fees, including business renewal fees and workers compensation premiums, will be deferred. A list of applicable fees will be posted online early next week.
- Changes to the Small Business Loan Guarantee Program, administered through 15 provincial Credit Unions, include deferring principal and interest payments until June 30.
- Other changes to the Small Business Loan Guarantee Program include enhancing the program to make it easier for businesses to access credit up to $500,000. For new loans, the first $100,000 will be fully guaranteed by the province. Other changes to this program will be announced soon.
GOVERNMENT BUSINESS NAVIGATORS
USEFUL RESOURCES
Government of Canada toll-free information line 1-833-784-4397
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Information from Atlantic Chamber of Commerce
Atlantic Chamber has created COVID-19 Business Resource & Information page
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Resources from the Canadian Chamber of Commerce
Ontario Chamber of Commerce
Our partners at the Ontario Chamber are also sharing resources with Ontario businesses during the COVID-19 pandemic. The OCC has developed an Ontario business pandemic toolkit and you can find that
here
.
Grant Thornton
Our member, Grant Thornton, is committed to helping its clients, colleagues and communities navigate the impacts of COVID-19 and are supporting their clients any way they can.
Click here
to find out more.
