First, a Federal Update
Remember, the subsidy will not cover those who receive support under the Canadian Economic Response Benefit (CERB).
- Canada Emergency Business Account: loans of up to $40,000 for small businesses and not-for-profits to cover operating costs where revenues have been reduced. Zero interest for the first year.
- Loan Guarantees from EDC. EDC is offering financial institutions guarantees on clients’ operating loans or one-year term loans as well as providing emergency liquidity to Canadian companies. You can find an overview of the program at the EDC website, however the most comprehensive information we could find is available here at indigenoustourism.ca.
Highlights include: A 75% guarantee to your financial institution on the underlying credit facility, tenor up to 1 year on an operating line or cash flow term loan facility up to $5 million, ability to defer guarantee fees for a period of 6 months.
- Co-Lending Program for SMEs: The BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. Incremental credit amounts of up to $6.25 million are available. The commercial interest rate will apply, and there is a 10-year repayment period.
These programs will begin in the three weeks after March 27th. Interested businesses should connect with their financial institutions to discuss options.
GST, HST and Customs Duties. The federal government is now allowing businesses as well as self-employed individuals to defer payments of GST, HST and customs duties owing on their imports until June 30, 2020. More details are available here.
And a Few Words From the Provinces
B.C. Climate Action Tax Credit. The government of British Columbia has enhanced payment of this credit, to be received through the Canada Revenue Agency (CRA). The credit is a maximum of $218 for adults and $64 per child.
Ontario Tax Relief. Beginning April 1, 2020, no penalties or interest will apply to Ontario businesses that miss any filing or remittance deadline under a long list of provincial taxes. This will last for a period of 5 months. A full list of applicable taxes are available here.
Employer Health Tax Exemption. The Ontario government is increasing the Employer Health Tax (EHT) exemption for 2020 from $490,000 to $1 million.
Workers’ Compensation. Worksafe Safety and Insurance Board (WSIB) Ontario is providing a relief package for Ontario businesses. Eligible businesses will be able to defer premium reporting and payments until August 31, 2020.
Now, Let’s Take it to the Experts
- See it in action. Here is Arne Sorenson, CEO of Marriott International in a display of what many are calling authentic leadership. Vulnerable and hopeful – without hiding the facts.
Get creative. Mark Cuban offers his advice to small businesses struggling amid the pandemic. One suggestion? Experiment. Try finding new services to offer or even work with your competitors to tackle the industry together.
Put pen to paper. Amy Webb, author, CEO and founder of the Future Today Institute shares The ‘Axes of Uncertainty’, a step by step guide for dealing with times of deep uncertainty. Get ready to write!
Make yourself available. David Maxfield and Joseph Grenny, authors of bestselling books Crucial Conversations and Crucial Accountability, have identified the top 7 skills for managing remote employees. Highlights include frequent check-ins, great communication and an open-door policy.
Tips from 2008. David Cote, former CEO of Honeywell skillfully navigated the Great Recession. Now, he’s offering advice on how businesses can handle COVID-19. Cote urges CEOs to put away the panic, embrace independent thinking, and plan for the worst. The full article is available here.
Take the challenge. Many business leaders, including Facebook COO Sheryl Sandberg, are supporting the WHO’s #SafeHands challenge by posting videos demonstrating good hand hygiene. Other leaders include: Thrive Global CEO & Huffington Post founder Arianna Huffington, Save the Children President & CEO Janti Soeripto, CARE President & CEO Michelle Nunn and AIHA CEO Larry Sloan.
Focus, focus, focus. Dan Sullivan, founder and president of The Strategic Coach Inc., offers a Scary Times Success Manual on how to lead during difficult times. Sullivan offers 10 areas to focus on, including gratitude, relationships, progress and the present.
Adapt together. Adam Mosseri, CEO of Instagram, discusses the challenges of managing from his garage. He notes that staff at Instagram have begun volunteering to work in areas they’re not normally assigned to, picking up the slack as a team.
New LinkedIn Features. To support small businesses, LinkedIn has added a bunch of new features to increase online engagement. They even hosted a live interview with Mark Cuban highlighting his advice for small businesses! Stay in the loop by visiting the LinkedIn for Small Business Page.
- A CEO cheatsheet for business strategy post COVID-19.
- How some women entrepreneurs are navigating the effects of the crisis.
- Five CEOs reflect on the pandemic – what they did to respond and adapt.
- A list of tips on Making the most of your marketing team during the outbreak.
- 200 startup leaders weigh in on how to navigate this crisis – think compassion, care and transparency.
Women Business Owners Making a Difference
Carolyn Cross, CEO, Ondine Biomedical Inc.
Susan Kabani, Founder & CEO, Ugenie
Dr. Dionne Laslo-Baker, Founder, DeeBee’s Organics
Ann Baiden, CEO & Founder, Innovatex Solutions Inc.
Ann Baiden is also finding ways to support our healthcare professionals. She is cleverly using her promotional products company, Innovatex Solutions, to prevent the virus from spreading in medical environments. Responding to a call for waterproof phone cases in the ICU, Innovatex donated the phone cases they had in stock and reached out to their factory to get more blank phone cases shipped. They’re also reaching out to other nurses, doctors, paramedics and anyone that might benefit from these products as they want to help as much as they can. What an innovative solution – you can read more about it here.
Opportunities for Women Business Owners
Your Secret Weapon Through This Crisis: Pearls
You don’t want to miss these…
Apply an Intercultural Approach. Mafalda Arias, president and co-founder of Mafalda Arias and Associates, is an intercultural trainer and consultant for inclusion strategies. In the midst of the coronavirus outbreak, which has seen a rise in hate crimes and anti-Asian harassment, she has put together a list of 7 questions that social practitioners can use to apply an intercultural approach to their work during this time.
Calling all nonprofits. To find a little inspiration amidst all the uncertainty, nonprofits should check out this helpful blog. Full of success stories, it offers resources to nonprofits on communicating with donors, raising funds, and continuing to do good during COVID-19. You can also find some media resources, such as podcasts and webinars for nonprofits here.
Support in your pocket. Download the Canada Business App to receive tailored recommendations on how to access government support for your business. Get in on Google Play or download it from the App Store.
Small Business Help Centre. The Canadian Federation of Independent Business (CFIB) has created a help centre, complete with free policy templates, business preparedness checklists, webinars and more.
Stay connected. Remember those virtual cocktail parties I mentioned earlier? Well in order to make that 5 o’clock call, you’re going to need some internet! Thankfully telecom companies like Telus are cutting you a break. Expect waived fees and flexible payment options.