Chamber Pulse
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March 31, 2020
[Updated] Government Supports for Business
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Governments at all levels continue to make more and more resources available to businesses. The supports provided to date help business focus on ensuring access to credit and capital, cutting costs, supporting their employees, using their business to flatten the curve, and supporting Calgary’s most vulnerable.
A few resources that could have a significant impact on your business right now include:
A few resources that could have a significant impact on your business right now include:
- Canada Emergency Wage Subsidy: A 75 percent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. More details on eligibility criteria, which will start with the impact of COVID-19 on sales, and will be shared by the Government on April 1, 2020.
- Canada Emergency Business Account: Implemented by eligible financial institutions in cooperation with Export Development Canada (EDC).
An interest-free loan (guaranteed by the Government of Canada) of up to $40,000.00 to small businesses and not-for-profits, to help cover their operating costs due to declined revenue because of COVID-19. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000.00). (Learn more)
- Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. (Learn more)
Canadians would begin to receive their CERB payments within 10 days of application. The CERB would be paid every four weeks and be available from March 15, 2020 until October 3, 2020.
The Canada Emergency Response Benefit will be accessible through a secure web portal starting in early April. Applicants will also be able to apply via an automated telephone line or via a toll-free number.
We continue to compile these resources and announcements on our website. We will get through this crisis together, as a business community, and we will continue to update this page as needed to provide you with the most accurate and up-to-date information to continue to navigate these uncertain times.
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#Here4YYC Business Resource Webinar
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Join us tomorrow for a conversation with
the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, for a discussion about the latest support available from the federal government for Canadian businesses.
10:30 am – 11:00 am
[Blog] Our actions today must empower the reinvention and entrepreneurship we need tomorrow
Providing economic stability will allow business owners to adapt to this new reality — to redefine their customers, rethink their supply chains and reimagine themselves as only entrepreneurs can.
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How can we help? We want to hear from you
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Our team is here to support you. By filling out the survey below, you can help us better understand the challenges you’re facing, which we will then use to guide our business support and advocacy activities.
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