During these unsure times, Venture Kamloops is dedicated to keeping you up-to-date with the most relevant information possible for your business. This article will be updated daily with new information surrounding COVID-19 in support of business continuity in Kamloops.

Resources & Programming

Government of Canada’s COVID-19 Economic Response Plan

The Government of Canada has put together a suite of programs available for both individuals affected by the COVID-19 pandemic, as well as businesses who are facing hardship.

Support for Businesses:

Work Sharing Program

The federal government is extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.

Eligibility:

You are eligible to apply if you are experiencing a downturn in business activity related to the global outbreak of COVID-19, and have:

  • WS agreements signed between March 15, 2020 and March 13, 2021
  • WS agreements that began, or ended between March 15, 2020 and March 14, 2021, and
  • WS agreements that ended between June 23, 2019, and March 14, 2020 and are in their mandatory cooling-off period

For more information and application, click HERE.

Temporary 75% Wage Subsidy For Employers

The Government of Canada has announced 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.

For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week.

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

More information HERE.

Business Credit Availability Program

The Business Credit Availability Program (BCAP) will provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). The program includes:

  • Canada Emergency Business Account: The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
  • Loan Guarantee for Small and Medium-Sized Enterprises: EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs.
  • Co-Lending Program for Small and Medium-Sized Enterprises: BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.

As a first step, businesses in need of credit support should contact their financial institution, who will contact BDC or EDC where appropriate.

More information HERE.

Income Tax Flexibility

CRA is allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act.

No interest or penalties will accumulate on these amounts during this period.

More information HERE.

Deferral of Sales Tax Remittance and Customs Duty Payments

We will allow businesses, including self-employed individuals, to defer until June 30, 2020 payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on their imports.

The deferral will apply to GST/HST remittances for the February, March and April 2020 reporting periods for monthly filers; the January 1, 2020 through March 31, 2020 reporting period for quarterly filers; and for annual filers, the amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.

For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May.

These amounts were normally due to be submitted to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of this month.

Support for Individuals:

Canada Emergency Response Benefit

The Federal Government will provide a taxable benefit of $2,000 a month for up to 4 months to:

  • workers who must stop working due to COVID-19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
  • working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
  • workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.

The Canada Emergency Response Benefit will be accessible through a secure web portal starting in early April. Applicants will also be able to apply via an automated telephone line or via a toll-free number.

Cick HERE for more on the CERB.

Click HERE to find out about all supports for individuals.

Please note: Anyone who is seeking to access their EI Benefits will need to have access to their Records of Employment (ROE). The ROE is the form—whether electronic or paper—that employers complete for employees receiving insurable earnings who stop working and experience an interruption of earnings. The ROE is the single most important document in the Employment Insurance ( EI ) program.

Supports for Small Businesses in B.C. Document

This document includes some of the most up-to-date information on small business supports, resources and advisory services during COVID-19.

Find it HERE.

COVID-19 Digital Navigator

PwC’s team of specialists collaborated to create a digital assessment to help you understand the potential impact to your business and gauge your readiness to respond.

The digital tool contains 3 sections of questions that will help you understand where your company stands as you respond to COVID-19 in the areas of: crisis management and response; workforce; operations and supply chain; finance and liquidity; tax and trade; and strategy and brand.

Find it HERE.

British Columbia Economic Development Association’s (BCEDA’s) Daily Updated Document

In this document, you will find information on:

  • Resources for businesses by sector,
  • Information for employers
  • Information for businesses
  • Information on utilities
  • Information on banking and insurance
  • Community Measures
  • Global Economic Impact
  • Sources of Business Assistance
  • Webinars

We highly recommend any businesses affected by this current situation to access the Daily Updated Bulletin from BCEDA.

Small Business BC Business Continuity Checklist

Businesses of all sizes can develop a business continuity plan to prepare their staff and operations for potential business disruptions, including outbreaks such as COVID-19. This 3-part checklist from Small Business BC can help you prepare your business now for potential future disruptions.

Find it HERE.

Calling all suppliers – Help Canada combat Coronavirus disease (COVID-19)

In support of the Government of Canada’s whole-of-government response to Coronavirus disease (COVID-19), the federal government is asking suppliers about their ability to provide products and services.

Products and services needed

Submission Form

If you can provide items from the list, or other items not listed, please complete their submission form for Coronavirus disease (COVID-19) products and services.

Products
  • Disposable N95 masks
  • Disposable surgical masks
  • Nitrile gloves
  • Vinyl gloves
  • Gowns
  • Bottles of hand sanitizer
  • Other prevention products
Services
  • Guard / security services
  • Nursing services
  • Food services
  • Laundry services
  • Accommodation maintenance services
  • Personal services
  • IT support services
  • Other services
For more information

For more information, please contact:

The InfoLine: TPSGC.PABPMEClient-APOSMEClient.PWGSC@tpsgc-pwgsc.gc.ca / Tel: 1-800-811-1148

Background

Coronavirus disease (COVID-19) is a rapidly evolving global challenge. The Government of Canada is working closely with local, provincial, territorial, and international partners to minimize its health, economic, and social impacts.

For more information concerning Canada’s response to COVID-19, please consult: Coronavirus disease (COVID-19): Canada’s response.

COVID-19 BC Business Impact Survey Results

BCEDA, in partnership with BC Chamber of Commerce, Small Business BC and Community Futures BC, launched a survey on March 13th to understand specific impacts on businesses within BC due to COVID-19 – and to hear proposed solutions.

Find the results of that survey HERE.

Utilities/Insurance

BC Hydro Customer Assistance Program

BC Hydro is providing residential and commercial customers the option to defer bill payments or arrange flexible payment plans with no penalty. Customers are encouraged to call BC Hydro at 1-800-224-9376 to discuss options.

More HERE.

ICBC Commercial Insurance

ICBC customers on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19, can defer their payment for up to 90 days with no penalty. Apply online or call 1-800-665-6442.

FORTISBC

Billing and payment: Fortis has waived late payment fees and will ensure no customer is disconnected from the energy they need due to financial hardship at this time.

Telus

Waiving home internet overage charges for customers without unlimited data plans until April 30. Telus will be waiving all Roam Like Home, Roam Better and Easy Roam and pay-per-use charges in a similar fashion, for post-paid customers travelling outside of Canada until April 30. Telus will also be offering this promotion until April 30, for Easy Roam, Travel passes and pay-per-use charges for customers currently outside of North America, Central America and the Caribbean. Telus has also launched a Telus Talks Health podcast to accompany its virtual healthcare options, Babylon and EMR.

Shaw

Shaw Communications will be suspending data limits on all internet plans until further notice and will be offering complimentary and unrestricted access to over 100,000 Shaw Go WiFi network hotspots nation-wide to everyone, regardless of whether they are a Shaw customer.

Webinars & Articles

Cash Flow Strategies and Government Incentives in the time of COVID-19

This webinar reveals the key steps you can take to manage cash flow in this unprecedented time. From the latest government incentives to Canadian tax tips to U.S. tax strategies – this webinar is designed to help you get through the current cash crunch.

Find it HERE.

Start Selling Online with Shopify

This recorded webinar from Small Business BC gives you an overview on how to start selling your products online using Shopify.

Find it HERE.

COVID-19 and your Commercial Lease

The current Covid-19 pandemic is rapidly changing the worldwide commercial landscape, creating many fears and questions in the minds of business owners. Due to lost business and government-mandated closures, small business owners may find themselves suddenly unable to pay rent or uphold their end of a commercial lease.

This article examines possible ways to deal with this unique situation.

Please note that this article is offered as information, and anyone seeking to follow through should consult with their lawyer.

Find the article HERE.

Small Business BC Daily Digital Meetups

This is a time, more than ever, for small businesses to come together to help each other overcome challenges and find solutions.

To help facilitate this, SBBC are pleased to share our new Digital Meetups, a community video call for the small businesses community during COVID-19. Every working day, we will be hosting a Digital Meetup focused around one pressing issue re:COVID-19: from how to generate revenue, to employment law, all specific to small businesses.

Access them HERE.

BDC Free Webinar

The spread of COVID-19 poses important challenges to Canadian businesses. Join this webinar to hear from BDC experts as they share short-term economic perspectives and to get advice on how to manage through the crisis.

Sign Up HERE.

Local Business Support Article from SBBC

Small Business BC has put together some tips on how to support local business during this time of uncertainty. For businesses, Look from the other side. Are these options available for your customers? Can you implement them? How will you market them?

Find the article HERE.

How to Pivot During a Crisis from SBBC

An article from Small Business BC that give tips on how to manage your business through a crisis, as well as some great case studies and more information.

Find the article HERE.

BDC Recorded Webinars

If you’re looking to use your extra time to take advantage of some learning opportunities, BDC offers some great recorded Webinars on different business subjects.

Find them HERE.

If you have any news, information or resources that you think our business community should know about, please e-mail them to cole@venturekamloops.com.

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