Advocacy efforts in support of small business are making a difference. Our federal government has heard our concerns and are refining their programs. We're still waiting to hear from the provincial government with respect to rents. Meanwhile, below are new programs announced this week by Prime Minister Justin Trudeau. 

In this Issue:

1. PM announces support for small businesses facing COFID-19 impacts
2. More on the Canada Emergency Business Account
3. Changes to the Canada Summer Jobs Program
4. Upcoming Webinars
5. Business Directory Updates
6. Normal is still a long way off
7. Business Resources for Members
8. Insurance in Catastrophic Times

Support for small businesses facing impacts of COVID‑19    

To further support small businesses, the Prime Minister announced that the Government of Canada will:

• Announce a 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.

• Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports. This measure is the equivalent of providing up to $30 billion in interest-free loans to Canadian businesses. It will help businesses so they can continue to pay their employees and their bills, and help ease cash-flow challenges across the country.

• Launch the new Canada Emergency Business Account. This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.

• Launch the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.

These new investments will help Canada’s financial institutions provide the credit and liquidity options that a range of Canadian businesses need immediately.

Changes to the Canada Summer Jobs Program    

Canada’s small businesses increasingly depend on the employment of young Canadians. The changes to the Canada Summer Jobs program will help small businesses hire and keep the workers they need so they can continue to deliver essential services.

The temporary changes to the program for this year include:

• an increase to the wage subsidy, so that private and public sector employers can also receive up to 100 per cent of the provincial or territorial minimum hourly wage for each employee

• an extension to the end date for employment to February 28, 2021

• allowing employers to adapt their projects and job activities to support essential services

• allowing employers to hire staff on a part-time basis

These changes will help youth stay connected to the labour market, save money for their future, and find quality jobs in safe, inclusive, and healthy work environments.

Upcoming Webinars

April 14, 2020 - Tax Measures and Business Assistance Programs

April 16, 2020 - Practical Guide to HR Issues Related to the COVID-19 Crisis

April 23, 2020 - Culture, Engagement & COVID-19

Business Directory Updates

The RVBIA Business Directory has been updated as much as we can, based on the information we could find on Member websites and social media. 

Once again we remind you to check your listing and let us know if any changes are needed by sending an email to info@roncesvallesvillage.ca

“Normal is still a long way off” warns PM

In the Prime Minister’s address on April 8, he said “The current measures will be in place many more weeks.” The PM urges staying home and going out only for essentials and limiting those outings to once a week. The only way we’re going to see an easing off of this spike is if we stick with the current measures.

There is no question that once we get to the other side of this spike, and easing off of physical distancing, there will be the need for continual monitoring and testing. What people are doing now and how we continue responding to the advice of our public health professionals is essential. The alternative is many more months of restrictions and with it, reduced economic activity, the prime minister said.

Insurance in Catastrophic Times

As the COVID-19 situation is rapidly developing and changing the business landscape, so is expert guidance on how to deal with this crisis. In this uncertain climate, businesses are looking to understand how they can manage this crisis, limit their continuing financial losses, and perhaps seek avenues for financial relief. One potential avenue for relief is insurance. All businesses should be seeking guidance as to whether their existing insurance coverage can respond to COVID-19-related financial losses.

To better understand terms and conditions, businesses should  evaluate their policies—including any extensions and exclusions—with their insurance brokers, legal counsel, and claims consultants. Make sure your insurance is paid up if your renewal is due. Businesses that are closed for 30 days may have their insurance cancelled.

Upon confirming an understanding of your policy wording and your insurer's requirements, businesses should start to document the financial impacts of the outbreak that fit within those parameters.

It is recommended that if you have incurred a loss due to COVID-19, you strongly consider submitting a claim or at least put your insurer on notice of an anticipated claim. Although many claims are currently being denied, the number of requests could start changing court rulings. Once court rulings start to change, it could enable those who were turned down to reopen their case.