Canada's response to COVID-19
The coronavirus disease (COVID-19 ) has presented itself as a global challenge.With healthcare workers and first responders working hard in taking care of many of us, our government diligently mobilizing resources to respond to this crisis, and citizens doing their part by social distancing, we at Build The Next Gen have asked ourselves what can we do to help?
First and foremost, we hope everyone is staying safe and following the required procedures as well as following the news for continual updates on the COVID-19 situation. As we all do our best to keep a healthy distance and flatten the curve, it’s good to know that relief is available for the employees and self-employed businesses.
Small and medium sized businesses are the cornerstone of the Canadian economy and the Government of Canada is taking strong action to help Canadian businesses which have been affected by COVID-19.
Measures already in place to assist Canadian businesses include the following :
- Canada Emergency Wage Subsidy : The Canada Emergency Wage Subsidy (CEWS) supports employers that are hit the hardest by the pandemic, and protect the jobs that Canadians depend on. The subsidy generally covers 75% of an employee's wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.
- Business Credit Availability Program : BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exports and tourism. This program includes a loan guarantee and co-lending programs for small and medium-sized Enterprises now available at various financial institutions and credit unions. Contact your financial institution for more information.
- Canada Emergency Business Account : The Canada Emergency Business Account (CEBA) will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.
- Young Entrepreneurs : Government of Canada is providing $20.1 million in support for Futurpreneur Canada to continue supporting young entrepreneurs across Canada who are facing challenges due to COVID-19. The funding will allow Futurpreneur Canada to provide payment relief for its clients for up to 12 months. Visit Futurpreneur Canada to find out how you can benefit from this funding.
- Canada Emergency Response Benefit : One of the main ways the Government of Canada is helping Self employed individuals is by providing a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible self employed workers who have lost their income due to COVID-19.
If you are facing financial hardship as a result of COVID-19, make it a priority to head over to Canada.ca in order to get the help and support you need.We here at Build The Next Gen will also work to provide you with the tips and support you need in order to keep your clientele engaged during these trying times.
Together as a community, we will overcome this.
Build The Next Gen