BC Chamber of Commerce and local chambers have put together a resource package for businesses hurting due to the virus pandemic.
This resource package was updated March 25 and can be accessed at bcchamber.org/advocacy-news/resources-businesses-affected-covid-19.
Access to Capital
The Business Credit Availability Program (BCAP) allows the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support.
BDC has the following resources available:
- Small Business Loan: Up to $100,000 can be obtained online in as little as 48 hours from time of approval.
- Working Capital Loan: Get extra funds to bridge cash flow gaps and support everyday operations.
- Purchase Order Financing: Increase your cash flow to fulfill domestic or international orders with very flexible terms.
- BDC’s Advisory Services are offering tools and support to review financial management and operations for businesses.
Farm Credit Canada (FCC)
Farm Credit Canada lending capacity has increased to $5B to alleviate industry financial pressure. FCC provides loans and services for primary producers, food operations and agribusinesses.
- FCC is prepared to assist and you can speak to your local FCC contact through the customer service centre at 1-833-332-3301 or visit their online service portal to work with FCC.
(RDA) Regional Development Agencies – Western Economic Diversification Canada
If you are a tourism operator or small-medium sized business or organization impacted by the sudden shifts in econony and need pressing assistance, the RDAs could assist you with:
- Accessing federal funding to help you stay in business
- Advice and pathfinding services to other federal programs and services available.
If you are a tourism operator or small- or medium- sized business or organization and have received RDA funding and COVID-19 is affecting your operations:
- You may be eligible to receive additional funding and/or flexible arrangements.
- Further support will be determined on a case-by-case basis as the situation evolves.
- The best way to contact the Western Economic Diversification Canada for support is to call them at: 1-888-338-WEST (9378)
Taxation Relief and Other Support for Businesses
The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020:
The payment of any income tax amounts that become owing on or after March 18, 2020 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.
Work Sharing Program
The Work Sharing Program is to help eligible employers to retain skilled employees and workers to remain employed. Measures taken during COVID-19 will:
- Extend the Work-Sharing agreements by an additional 38 weeks
- Wave the mandatory waiting period between agreements
- Ease the recovery plan requirements
- Access the Work-Sharing page to learn more about the program and its requirements.
- Access the Work-Sharing temporary special measures page to find out if you are eligible for temporary special measures.
To support businesses and help prevent layoffs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months.
The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.
To review how the federal government support plan for Canadians and for further details on wage subsidies and emergency support for employees is available at https://www.canada.ca/en/department-finance/economic-response-plan.html#individual.
For more information on eligibility and how to take advantage of the wage subsidy check these Frequently Asked Questions.
To know more about how the province is supporting businesses, please visit http://www.bcchamber.org/advocacy-news/resources-businesses-affected-covid-19.