I am reaching out to you with information that you may wish to disseminate to your local Chamber of Commerce contacts, in addition to all local businesses.
On March 13, 2020, the federal government announced that they are establishing a Business Credit Availability Program (BCAP) to support financing in the private sector through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
The current options available are:
• Small Business Loan: Up to $100,000 can be obtained online.
• Working capital loan: For loans over $100,000 and can support everyday operations.
• Purchase Order Financing: Loans to fulfill domestic or international orders.
If you have specific questions about applying for funding, you can click here, or BDC can be reached at the toll-free number: 1-877-232-2269
Yesterday, the Government added that they will be offering a Temporary Business Wage Subsidy, where eligible small employers will receive a subsidy equal to 10% of wages for a period of three months. (Maximum subsidy of $1,375 per employee and $25,000 per employer, and eligible employers include corporations eligible for the small business deduction, as well as non-profit organizations and charities).
Yesterday’s announcement also included an Emergency Care Benefit, where citizens can receive up to $900 bi-weekly, for up to 15 weeks. This applies to workers, including:
• The self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
• The self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not quality for EI sickness benefits.
• Parents with children who require care or supervision due to school closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.
Applicants will need to re-attest every two weeks, and applications for the Benefit will be available in early April 2020 through three channels:
• CRA MyAccount secure portal
• My Service Canada Account
• An automated telephone application process
In addition, for information regarding monetary compensation or Employment Insurance (EI), for affected workers, please click here.
I should also note that the Government has extended the tax filing deadline for individual and corporate taxpayers to June 1, 2020, where the payment deadline on tax owing will be deferred until August 31st, 2020.
Finally, for a complete breakdown of Canada’s COVID-19 Economic Response Plan, which includes information about enhanced child benefits, student loan payments, support for Indigenous communities, support for people experiencing homelessness, support for women’s shelters and sexual assault centres, and lower Registered Retirement Income Fund minimum withdrawal amounts, click here.
If you have any further questions or concerns, please contact my office at 306-778-4480 or Jeremy.Patzer@parl.gc.ca.
I hope these resources will serve as an asset to businesses as they attempt to cope with the uncertainty that lies ahead.
I want to assure you that as the representative for Cypress Hills—Grasslands, I stand shoulder to shoulder with you, and every citizen of your municipality. Together, we will come through these trying times.
Jeremy Patzer, MP