At OneLocal, we know that the COVID-19 pandemic has resulted in some difficult times for many small businesses across Canada. As such, we are committed to supporting and helping small businesses overcome this situation.
To help provide guidance to our valued clients, we have put together a library of links pointing to government resources for businesses affected by COVID-19:
Federal Government Assistance for Businesses
- Temporary Wage Subsidy
- This subsidy covers 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors. Businesses that have suffered a drop in gross revenues of at least 15% in March and 30% in April and May are eligible for financial aid.
- Personal Income Tax Return
- Businesses can defer the payment of any income tax that becomes owing on or after March 18 and before September 2020.
- Customs Duty and Sales Tax Deferral
- The federal government will defer GST, HST and customs duties until June 30, 2020.
- Canada Emergency Business Account
- The CEBA will provide up to $40,000 in interest-free loans to small businesses.
- Business Credit Availability Program
- Business Development Bank of Canada and Export Development Canada will be able to provide loans to qualifying businesses.
- Canada Emergency Response Benefit
- This is a taxable benefit of $2,000/month to workers who have been forced to stop working due to COVID-19.
- Work-Sharing Programs
Provincial Support Information
In addition to government relief efforts, many companies are also offering support to businesses. Example include (but are not limited to):
- Local utility sectors offering deferred payments
- Landlords offering rent deferrals
- Banks offering mortgage deferrals
- Telecom companies waiving certain overage fees
- Software providers offering credits or discounts
We recommend that you check with your local service providers to see which relief initiatives they are offering, as well as that you review the terms and conditions of those offers.
We’re Here To Help
OneLocal is here to support you and your business through these tough times. We recognize the challenges that small businesses are currently facing due to COVID-19 and social distancing measures. If you have any other questions on how we can help your business at this time, please do not hesitate to reach out to us.