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UPDATE: COVID-19
Find the most up-to-date information for your business in this uncertain climate.
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The Downtown Victoria Business has been working with the Greater Victoria Chamber of Commerce and the City of Victoria to ensure there is an easily-available website specifically for businesses to get the most up-to-date information on federal, provincial, and municipal programs available to you. This website will be regularly updated and provides relevant business-related information pertaining to COVID-19.
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Alison, DVBA Executive Assistant, found some online resources with pertinent business information. Much of this information is also included on the page referenced above.
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The emergency aid plan includes:
- A temporary boost to Canada Child Benefit payments, delivering about $2 billion in extra support.
- A new Emergency Care Benefit of up to $900 bi-weekly, up to 15 weeks, to provide income support to workers, including the self-employed, who have to stay home and don't qualify for paid sick leave or employment insurance. The measure could disburse up to $10 billion.
- A new Emergency Support Benefit to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment.
- A six-month, interest-free reprieve on student loan payments.
- Doubling the homeless care program.
- Extending the tax filing deadline to June 1.
- Allowing taxpayers to defer until after Aug. 31 tax payments that are due after today and before September.
- $305 million for a new Indigenous Community Support Fund to address immediate needs in First Nations, Inuit and Métis Nation communities.
- Other measures include a GST credit for low-income Canadians and special support for the homeless and shelters helping people escaping gender-based violence.
The government is also working with the private sector to find ways to help Canadians. Banks, for example, could be flexible with mortgage and loan payments to help people who are financially struggling. [Morneau] said there is no way to know the duration or impact on the economy at this stage, but he is confident the crisis is temporary.
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Key points:
- EI sickness benefits provide up to 15 weeks of income replacement for people unable to work because of illness, injury, or quarantine. One-week waiting period & medical certificate waived for people quarantined (can also make a backdated claim if delayed due to illness). People should first apply online (get ROE in order to confirm hours worked/rate of pay), and then call 1-833-381-2725 to have the waiting period waived. Queries can be directed to Service Canada online or 1-800-O-CANADA.
- For employers wanting to avoid layoffs, there's a work-sharing option that lets you cut hours (by 10%-60%) across your staff (if they're eligible for EI) but keep paying them (employer pays for hours worked, supplemented by EI payments). They should be doing something that will support your business long-term (training/cross-training, seeking new markets, improving service options, etc). *Tourism, Manufacturing, and Transportation are listed as specifically impacted by COVID.
- Canada student & apprentice loans repayment paused, effective March 30, with no accrual of interest, until September 30. Details yet to come.
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Canada’s COVID-19 Economic Response Plan - Canada.ca
The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These ...
www.canada.ca |
Key points:
- Self-employed and other workers who are not eligible for EI benefits; workers taking care of a family member who is sick with COVID; parents who have children requiring supervision due to closures - can apply for up to $900 biweekly through CRA.
- Workers laid off or facing reduced hours will be eligible for an emergency support benefit, details not specified yet.
- low- and moderate-income families eligible for GST credit will get doubled payments.
- Canada Child Care Benefits are being increased to $300/child.
- Tax return filing deadline extended for individuals other than trusts until June 1, 2020; trusts have until May 1. People who would be eligible for GST & CCB credits are urged to file as soon as possible to get the above benefits correctly assessed.
- Taxpayers owing balances or people paying installments, can defer until after August 31, with no interest or penalties.
- Banks have 'affirmed their commitment' to working with customers to provide flexible solutions on a case-by-case basis. This will include up to a 6 month payment deferral for mortgages, and possible relief on other credit products. Canada Mortgage and Housing Corporation has expanded powers for deferral, payment arrangements, and reamortization.
- Businesses that export can apply for additional credit through Export Development Canada
- Small businesses, non-profits, and charities can apply for a rebate of 10% of payroll over the next three months, to a maximum of $1,375/employee or $25,000, by reducing remittances of income tax withheld.
- Business Development Bank of Canada has additional money to lend businesses, and banks have more flexibility to provide additional lending.
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