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Comox Valley Chamber of Commerce | Courtenay, BC
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  • Resources
    • MindReader Program
    • Community & Business Info
    • Certificates of Origin
    • Job Board
  • Events
    • All Events
    • 2023 Chamber Awards
  • THE CHAMBER
    • Our Team
    • Board of Directors
    • Corporate Partners
    • Contact Us
  • Membership
    • Apply to Join
    • Member Benefits
    • Business Directory
    • Member Login
    • Marketing Opportunities
    • How to Start a Small Business

Financial Support For Business

During COVID-19

Province of BC's Restart Plan

The Province of BC has developed a phased approach to reopening the BC economy. Currently, we are in Phase 3 of the BC Restart Plan. How quickly BC advances through the Four Phases will be entirely based on the public health situation at that moment in time. The top priority throughout the process will be to ensure cases of COVID-19 do not spike, ensuring all our combined efforts and sacrifices are not squandered.
BC's Restart Plan Details
WorksafeBC Phase 2 + 3

Payroll Assistance

  • Canada Emergency Wage Subsidy Program: extended to August 29, 2020
    • Businesses and nonprofit organizations facing revenue drops of at least 30% in March, April or May, due to COVID-19, may apply for a wage subsidy covering up to 75% of the first $58,700 earned on payroll salaries. The wage subsidies will be retroactive to March 15, and are intended to avoid layoffs and provide business reliefs. [WEBSITE]
    • Applications can be made through your ‘My Business Account’ or ‘Represent a Client’ (for tax preparers) portals. Alternatively, businesses may apply via the CRA website with their access code. There is no rush to apply; all applications will be processed on May 4.
    • [HOW TO APPLY] + [APPLICATION GUIDE] + [FAQs] + [STEP BY STEP GUIDE]
  • Temporary Wage Subsidy Program: Organizations that aren’t eligible for CEWS may continue to qualify for a temporary subsidy of 10 percent of salary or wages paid from March 18 through June 19. This subsidy maxes out at $1,375 per employee and $25,000 per employer.
  • Work-Sharing program: Provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while employer recovers. The federal government is extending the maximum duration of the Work-Sharing program from 38 weeks to 76.
  • Canada Summer Jobs Program - temporary changes to the Canada Summer Jobs program to help employers hire summer staff and provide young Canadians access to the jobs they need during this unprecedented time. This program will help create up to 70,000 jobs for youth between 15 and 30 years of age. [PRESS RELEASE] + [PROGRAM WEBSITE]
    • The temporary changes to the program for this year include:
      • an increase to the wage subsidy, so that private and public sector employers can also receive up to 100 per cent of the provincial or territorial minimum hourly wage for each employee
      • an extension to the end date for employment to February 28, 2020
      • allowing employers to adapt their projects and job activities to support essential services
      • allowing employers to hire staff on a part-time basis
  • WorkSafeBC will be allowing employers to defer payment of their Q1 2020 payments by three months. This means employers who report payroll and make payments on a quarterly basis, as well as Personal Optional Protection (POP) coverage holders can defer payments until June 30, 2020. 

Rent, Lease & Mortgage

  • Canada Emergency Commercial Rent Assistance (CECRA) [PRESS RELEASE]
    • The CECRA will provide forgivable loans to qualifying, commercial property owners to cover 50% of the rent otherwise payable by eligible small businesses during April, May and June. These loans will be forgiven if the owner agrees to reduce their tenant’s rent by at least 75% for the three months.
    • Applications for the CECRA opened May 25 and it will provide retroactive relief for April and May and further relief for June, 2020.
    • The Canada Mortgage and Housing Corporation will administer and deliver the CECRA, a collaboration between the federal government and provincial and territorial governments, which are responsible for property owner-tenant relationships.
    • Register with the CMHC to receive notice when more information is available [REGISTER HERE]

Loans & Credit

Download: BDC's Guide - Supports for Canadian Business
  • Regional Relief and Recovery Fund (RRRF):
    • providing a total of $304 million for SMEs located in western Canada (defined as British Columbia, Alberta, Saskatchewan or Manitoba) that do not qualify for certain Federal supports.
    • Funding requests are differentiated between those requiring up to $40,000 in assistance, and those requiring over $40,000.
    • Community Futures offices are supporting rural businesses requesting $40,000 or less. The best way to determine eligibility for various streams is to visit WD's Regional Relief and Recovery Fund page and use the RRRF Eligibility Assistant tool.
  • Canada Emergency Bank Account (CEBA): Through the federal government, CEBA will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans up to $40,000 for 1 year to small businesses and not-for-profits. 
    • For small businesses and not-for profits with a 2019 payroll between $20,000 and $1.5 million (previously $50,000 and 1.5 M)
    • Up to $40,000
    • 0% interest until December 31, 2022
    • If the loan is paid off by December 31, 2022, a quarter ($10,000) of the loan will be forgiven
    • Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.
  • Small and Medium-sized Enterprise Loan Guarantee Program: this program will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank of Canada, for guaranteed loans.  
    • This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements and will be accessed through eligible financial organizations.  
    • The new operating credit and cash flow term loans will be extended by financial institutions and can provide an SME up to $6.25 million
  • Business Credit Availability Program (BCAP): the Federal government announced the BCAP to help Canadian businesses obtain financing during the current period of significant uncertainty.  The BCAP will support access to financing for Canadian businesses in all sectors and regions. [BCAP DETAILS] + [SUPPORT AVAILABLE]
    • Learn how to access the BCAP using this guide from Deloitte [GET THE GUIDE]
    • Businesses seeking support through BCAP should first contact their financial institutions for an assessment of their situation. Financial institutions will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.
    • Existing BDC clients should reach out to their account manager for additional information.
  • BDC Co-Lending Program for Small and Medium Enterprises: to provide additional liquidity support for Canadian businesses, the Co-Lending Program will bring the Business Development Bank of Canada (BDC) together with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. 
    • Up to $6.25 million
    • Differing maximum finance amounts based on business revenues
    • 80% of financed amount provided by BDC and the remaining 20% by your financial institution
    • For your operational cash flow requirements
    • This is accessed through eligible financial institutions. Check with your financial institution to find out if they are eligible.  
  • Business Development Bank of Canada has resources to support businesses, including:
    • Working Capital Loan for extra funds to bridge cash flow gaps and support everyday operations.
  • Export Development Canada: In partnership with the federal government and Canadian banks, EDC will ensure customers impacted by COVID-19 have access to credit
  • Facebook for Business is developing a Small Business Grants Program to help during the COVID-19 crisis. It is not yet available in Canada, but you can signup with your email to receive an alert when the application process is open for Canadian businesses.

Tax Relief

  • Federal Tax Flexibility: the federal government announced that all businesses, including self-employed individuals, will be able to defer all GST/HST payments until June 2020, as well as customs duties owed for imports. [DETAILS]
    • Monthly filers have to remit amounts collected for the February, March and April 2020 reporting periods; 
    • Quarterly filers have to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period; and 
    • Annual filers, whose GST/HST return or instalment are due in March, April or May 2020, have to remit amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year. 
  • 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 today (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.
  • Provincial Tax Deferrals: the provincial government is extending tax filing and payment deadlines to September 30th, 2020 to help businesses through this crisis. The deferred taxes will include:  
    • Employee Health Tax (EHT)  
    • Motor Fuel Taxes 
    • Carbon Tax 
    • The scheduled increase of carbon tax has been canceled  
    • Provincial Sales Tax (PST) 
    • Municipal & Regional District Tax 
    • Tobacco Tax 
  • Property Tax Relief (Provincial)
    • Business and light and major industrial property classes will see a 50% cut to provincial school tax, which should result in $500 million in immediate relief for business.
    • The expectation is business will benefit directly (if they own their own property) or this relief will flow through commercial landlords immediately passing savings on to tenants in triple-net leases 

Bills & Utilities

  • BC Hydro applications for relief are now open. If you own a small business that needed to close due to COVID-19 measures, you may be eligible to have your business' electricity use charges waived for up to three months. [ELIGIBILITY AND DETAILS]
  • Pacific Northern Gas is maintaining service for all customers during this time and is available to work with customers on flexible payment options. To find out more or contact PNG Ltd click here.
  • ICBC is now offering customers the option to defer their monthly insurance payments for up to 90 days with no penalty. This deferral will be available to customers already on monthly Autoplan payments. ICBC previously only allowed for a single deferral of 30 days. Customers can use ICBC’s online resource tool to apply for deferrals or call the customer support team at 1-800-665-6442.  

Digital Services

  • MailChimp is giving $10 million in Mailchimp service to their small business customers who have been impacted by the COVID-19 crisis. This could be the perfect time to invest resources into your digital presence and mailing list. [SUPPORT FUND]
  • Rogers and Microsoft are offering Microsoft Teams for FREE for 6-months.
  • Hootsuite is offering free access (until July 1st, 2020) to their Professional Plan to help small businesses and non-profits stay connected to their customers and audiences. To learn more or signup visit their website here. 

Financial Support Specific To Industry

Not-for-Profits

  • Comox Valley Community Foundation - Emergency Community Support Fund (ECSF)
    • The ECSF is a rapid response fund program initiated by the Government of Canada through an investment of $350 million to charities and non-profit organizations across Canada. Community Foundations of Canada (CFC), United Way Centraide Canada (UWCC), and the Canadian Red Cross (CRC) are working together with the federal government to deploy funding at the local level.
    • The Comox Valley Community Foundation has partnered with CFC to deploy funds in the Comox Valley.  ECSF funding is intended to be used for projects carried out before March 31, 2021 that are addressing urgent social inclusion or well-being needs of vulnerable groups as a result of COVID-19.
    • Funds will be disbursed as soon as possible and on a rolling basis. Applications must be submitted by July 27th. The Comox Valley Community Foundation is pleased to be partnering with the United Way Central & Northern Vancouver Island and the Comox Valley chapter of the Canadian Red Cross Society to meet the needs of our community.

Indigenous Businesses

  • April 18: The Canadian Government announced support totaling over $306 million for Indigenous businesses as part of economic relief measures relating to  COVID-19. You can address your questions to NACCA, at info@nacca.ca. Please note that they are expecting a large influx of inquiries initially. [INFORMATION]

Farm Industry

  • Farm Credit Canada 
    • FCC lending capacity has been increased by $5B to alleviate industry financial pressure. FCC provides loans and services for primary producers, food operations and agribusinesses.  
    • FCCis prepared to assist - speak to your local FCC contact through their Customer Service Centre at 1-888-332-3301 or visit their online service portal to work with FCC.

Seafood Industry

Canadian Seafood Stabilization Fund Announced [DETAILS]
  • On April 25, the Government of Canada announced the creation of a $62.5 million fund to help businesses:
    • access short-term financing to pay for maintenance and inventory costs;
    • add storage capacity for unsold product;
    • comply with new health and safety measures for workers;
    • support new manufacturing/automated technologies to improve productivity and quality of finished seafood products; and,
    • adapt products to respond to changing requirements and new market demands.
  • The Canadian Seafood Stabilization Fund will be delivered through the Atlantic Canada Opportunities Agency, Canada Economic Development for Quebec Regions, and Western Economic Diversification Canada. Details on when and how to apply have not been released.

Tourism Industry

  • Vancouver Island Coastal Tourism Resiliency Program -will provide Vancouver Island and Sunshine Coast tourism businesses with hands-on help and support as they navigate the current COVID-19 crisis, through to their eventual recovery post-pandemic. [APRIL 9 INTRO WEBINAR] + [WEBSITE]
  • April 7: Indigenous Tourism BC (ITBC) is offering emergency relief to market-ready Indigenous tourism businesses to address immediate and short-term needs. Deadline to apply is April 16. [DETAILS & APPLICATION]
  • April 2: Urgent support for the region’s businesses affected by COVID-19 will soon be available through direct, one-on-one service delivery programs developed in collaboration with Island Coastal Economic Trust (ICET), Tourism Vancouver Island (TVI) and Innovation Island Technology Association (IITA). TVI’s Vancouver Island Coastal Tourism Resiliency Project will provide tourism businesses with practical assistance as they navigate the current crisis, through to their eventual recovery, post-pandemic. IITA’s Digital Economy Response Program (DER3) will provide personalized technical and industry expertise to enterprises ready to adapt their business models to the digital economy. [DETAILS]

Food Banks & Local Food Infrastructure

  • The Local Food Infrastructure Fund (LFIF) is a five-year, $50 million initiative ending March 31, 2024. The program is part of the Government of Canada’s Food Policy which is Canada’s roadmap for a healthier and more sustainable food system in Canada. The LFIF objective is to strengthen food systems and to facilitate access to safe and nutritious food for at-risk populations. [DETAILS]
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