COVID-19 Update

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Relief Programs for Businesses & the Self Employed during the Pandemic

March 27, 2020

So, your business has slowed down and you're struggling to make payments to your suppliers, payroll, rent and other commitments. In this installment, we will share three things business owners can do TODAY to help reduce the stress of Covid-19, as well as cover some of the benefits available to self-employed workers.

Helping reduce the stress of Covid-19

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For business owners:

  1. The federal government has set aside $10 billion dollars to support Entrepreneurs through this crisis. For example, Eligible companies could receive up to $2 million in loans from the BDC with negotiable repayment terms. Call your financial institution to evaluate your situation.
  2. Check your commercial insurance policy to see if you are entitled to business interruption payments. Call your rep for help if it’s not clear.
  3. Call your vendors, suppliers, contractors etc. proactively if you won’t be able to make payments as expected. Have a firm handle on what you could afford, and they may be willing to work with you… We are all in this together.

Self employed:

If you are self-employed, this must be a trying time. However, the feds have created an Emergency Care Benefit and an Emergency Support Benefit. You may be eligible for up to $900 biweekly in Emergency Care Benefits if you are:

  • Quarantined or sick from COVID-19
  • Taking care of a family member who has contracted C-19
  • Or if you are a parent of a child who needs care or supervision as a result of school or daycare closures

The emergency Support Benefit is for workers who are NOT eligible for Employment Insurance. In this case you may be entitled to receive part of the $5 billion already set aside.

These benefits are both administered by the CRA and can be applied for through the links below.

During these difficult times, we stand behind all of our working relationships and look forward to the future. Pease feel free to reach out to us at any time if you think we can help in any way.

Make sure to tune into our series for further videos, stories and resources.

 

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