Major COVID Economic Actions

Updated March 31, 2020

     Federal Actions 
     Provincial (BC) Actions 
 
 Target  TYPE  Detail & Link  Summary  Administration  Program  Summary
 Business
 Credit 
 Canada Emergency

Business Account

Up to 40K interest

free loan 10k forgivable 

 EDC/BDC 
   
     Loan Guarantees 
Up to $5M loan  EDC/BDC 
   
     Loan Guarantee for

Small and Medium-SizedEnterprises

Up to $6.25 M loan  EDC/BDC     
     Co-Lending Program for Small and Medium-Sized Enterprises 
Up to 6.25 M loan 
EDC/BDC with private lenders 
   
   Staffing 
 Extending the Work-Sharing program 
The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.
 
Employment Insurance 
   
   Wage Subsidy 
 Providing small business with wage subsidies 
 Eligible if 30%+ decline in revenues due to COVID 
 Up to 75%  on the first $58,700 of  wages/salries per employee 
Property Tax Reduction  Reduced School Tax Rates for Businesses 
   Tax Deferral 
Deferral of Income Taxes 
Defer Income Tax Amounts owing to Aug 31, 2020 
 CRA Tax Remittance Deferrals  Employee Health Tax (EHT) 
     Deferral of Sales Tax Remittance and Customs Duty Payments 
Defer until June 30 
 CRA  

Motor Fuel Taxes 

            Carbon Tax 
            Provincial Sales Tax (PST)  
            Tobacco Tax
          WorkSafeBC 
Q1 Payment Deferral 
   Self-Employed 
Canada Emergency Response Benefit 
Up to 2K month 
     
   Farm 
Increasing credit available 
Extending Loans 
 FCC    
 Not for Profits & Charites 
 Credit  Canada Emergency Business Account 
Up to 40K interest free loan - 10k forgivable  EDC/BDC     
   Staffing 
 Extending the Work-Sharing program 
The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers. 
Employment Insurance 
   
  Wage Subsidy 
Providing small business with wage subsidies  Eligible if 30%+ decline in revenues due to COVID Up to 75%  on the first $58,700 of  wages/salries per employee
  Targeted Programs Women's Shelters
Indigenous Communities
       
    Assistance for the Unhoused 
       
 Individuals 
  Multiple Programs 
       
  Mortgage 
Mortgage support 
    Income Support  B.C. Emergency Benefit for Workers 
  Income 
 Increasing the Canada Child Benefit 
     Renters 
 Rental Supplement 
    Support for people facing unemployment 
 $2,000/Month 
    Moratorium on Eviction 
     Support for people who are sick, quarantined, or in directed self-isolation 
 $2,000/Month       Freeze Rent Increases 
     Special Goods and Services Tax credit payment 
     Tax Credit Climate Action Tax Credit 
   Tax Filing 
Extra time to file income tax returns 
       
   RRIF Withdrawals 
Reduced minimum withdrawals for Registered Retirement Income Funds 
       
  Student Loans  Moratorium on the repayment of Canada Student Loans 
    Student Loans Deferral 
             
Municipal (New Westminster) 
     
 Other Deferrals 
 
 Utility Bill Deferral 
The New Westminster Utility Commission has  introduced COVID-19 customer relief to defer bill payments 
      ICBC   
 Municipal Property Taxes (Provincial Application) 
         BC Hydro 
 
           Fortis 
 
           PN GAS 
 

UPDATE:  New Programs announced by Federal Government

March 27, 2020: 12:47 PM

The New Canada Emergency Business Account (Business and Non-Profits)

The government of Canada today announced the new Canada Emergency Business Account - a new loan program, that will be implemented rapidly by eligible financial institutions in cooperation with Export Development Canada (EDC).

This $25 billion program 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.

To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 per cent (up to $10,000).

Providing small business with wage subsidies (Eligibility TBA)

Today, the Government of Canada announced a 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll.

More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.

Additional Federal support is here: https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html


Update: March 24, 2020

https://savesmallbusiness.ca/petition/ Sign the petition to save small business.

Update: March 23, 2020

Get the Business Resource Cheat Sheet put together by the BC Chamber.

City of New West Covid Information

The advice is that if you think you will need funding from BDC, don't wait, apply now.

Update: March 19, 2020 (11:18 PDT)

Business Impact Survey

There were over 6900 responses to the business impact survey on BC Mindreader, and just enough to get local insights from New Westminster business.  Both the provincial and federal government are relying on this data to help direct aid to business.  The information in this survey has been provided to City staff to help inform decision making.  (if you haven't signed up for BC Mindreader the platform, you can do it here.

New West Small Business Working Group

There is a working group of business leaders working on supporting local businesses which is being coordinated by the City of New West economic development department. (cudo's to the great work that Blair, Jen and Carolyn are doing).  A few points from the call today.

  1. We are putting together a list of businesses that are still open for business.  If you are staying open, please let us know in what capacity. More info to follow.
  2. It is still ok to stay open as long as you are practicing social distancing and paying attention to hygienic practices. 
  3. Don't give in to fear but do stay informed with good information from reliable sources. 
  4. The City police are ramping up visible presence as the streets continue to empty.


Update: March 18, 2020 (11:03 PDT)

The following is a current list of measures being taken by all orders of government to provide assistance to business to deal with the COVID-19 outbreak. Your New Westminster Chamber of Commerce remains open but is limiting face to face meetings.  Please feel free to reach out to us via phone or e-mail for additional information and to offer your input.  We will strive to keep member as up-to date as possible as the situation unfolds.

FEDERAL MEASURES

JUST ANNOUNCED (18 March): $87 B  Liquidity injection (Details to follow) https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Canadian_Business

From the BC Chamber

The federal package includes a number of desired-actions you flagged in our network-wide COVID-19 Business Impact Survey the results of which we shared with both the federal and provincial government, including:

  • A reduction of 90% of payroll taxes for companies with payrolls under $1 million
  • Liquidity measures for business that will be available through banks, other financial institutions as well as BDC and EDC
  • An emergency support benefit for those who lose their jobs and don't qualify for EI (this includes self-employed workers who have to close up shop)
  • Extending the tax filing deadline to June 1
  • Allowing taxpayers to defer tax payments until after August 31 (for amounts that are due after today and before September)
  • Temporarily boosting of the Canada Child Benefit payments, delivering about $2 billion in extra support.
Of note in this morning’s federal announcement is the new “Emergency Care Benefit” which offers up to $900 biweekly (for up to 15 weeks) to provide income support to workers who have to stay home and don't have access to paid sick leave. The measure could disburse up to $10 billion. Also of note is a six-month, interest-free reprieve on student loan payments. 


PREVIOUS ANNOUNCEMENTS (17 March and Earlier)

EI Benefits: Waiver of 1 week waiting period: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html

Measures affecting Federally Regulated Workplaces: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html#h2.4

Export Development Corporation: EDC Access to Credit: https://www.edc.ca/en/campaign/coronavirus-covid-19.html

Business Development Corporation:

-Small Business Loan Up to $100,000 can be obtained online.

-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.

Work-Sharing Program - Temporary special measures: Extensions to Work Sharing Program: https://www.canada.ca/en/employment-social-development/services/work-sharing/temporary-measures-forestry-sector.html

Additional Guidance: https://www.tradecommissioner.gc.ca/campaign-campagne/ressources-entreprises-COVID-19-business-resources.aspx?lang=eng

PROVINCIAL MEASURES

Employment Standards (Government of B.C.)

BC Hydro: The COVID-19 Customer Assistance Program provides customers the option to defer bill payments. 

Fortis BC: More Information is to come

CMHC is working to address mortgage payment difficulties. They’ve said on twitter that they are collaborating with lenders to allow payment deferral of up to six months. (SOURCE: BC CHAMBER OF COMMERCE)

CITY OF NEW WESTMINSTER MEASURES

https://www.newwestcity.ca/2020/03/12/coronavirus-covid-19.php

AGGREGATED RESOURCES FOR BUSINESS

Canadian Chamber of Commerce: http://www.chamber.ca/resources/pandemic-preparedness/

BC Chamber of Commerce: http://www.bcchamber.org/financial-resources-bc-businesses

Greater Vancouver Board of Trade: https://www.boardoftrade.com/news/50-news/2020/1775-member-update-covid-19-business-resources


Update March 17

City of New West has created a work group with the Chamber and other business associations to explore how to support business in New West during this crisis. Stay tuned for more info.

Here is updated info from government.


UPDATE: COVID-19 RESOURCES FOR BUSINESS

March 17, 2020 (11:03 PDT)

The following is a current list of measures being taken by all orders of government to provide assistance to business to deal with the COVID-19 outbreak. Your New Westminster Chamber of Commerce remains open but is limiting face to face meetings.  Please feel free to reach out to us via phone or e-mail for additional information and to offer your input.  We will strive to keep member as up-to date as possible as the situation unfolds.

FEDERAL MEASURES

EI Benefits: Waiver of 1 week waiting period: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html

Measures affecting Federally Regulated Workplaces: https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html#h2.4

Export Development Corporation: EDC Access to Credit: https://www.edc.ca/en/campaign/coronavirus-covid-19.html

Business Development Corporation:

-Small Business Loan Up to $100,000 can be obtained online.

-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.

Work-Sharing Program - Temporary special measures: Extensions to Work Sharing Program: https://www.canada.ca/en/employment-social-development/services/work-sharing/temporary-measures-forestry-sector.html

Additional Guidance: https://www.tradecommissioner.gc.ca/campaign-campagne/ressources-entreprises-COVID-19-business-resources.aspx?lang=eng

PROVINCIAL MEASURES

Employment Standards (Government of B.C.)

BC Hydro: The COVID-19 Customer Assistance Program provides customers the option to defer bill payments. 

Fortis BC: More Information is to come

CMHC is working to address mortgage payment difficulties. They’ve said on twitter that they are collaborating with lenders to allow payment deferral of up to six months. (SOURCE: BC CHAMBER OF COMMERCE)

CITY OF NEW WESTMINSTER MEASURES

https://www.newwestcity.ca/2020/03/12/coronavirus-covid-19.php

AGGREGATED RESOURCES FOR BUSINESS

Canadian Chamber of Commerce: http://www.chamber.ca/resources/pandemic-preparedness/

BC Chamber of Commerce: http://www.bcchamber.org/financial-resources-bc-businesses

Greater Vancouver Board of Trade: https://www.boardoftrade.com/news/50-news/2020/1775-member-update-covid-19-business-resources


Update: March 16, 2020

Gatherings of 50 or more are banned

Canadian Borders to be closed to most non-citizens

School closures may be announced soon

The New West Chamber is exploring ways to keep people connected and supported during this crisis. Stay tuned for more details.

Join us on Wednesday for a virtual discussion on doing business in New West during the Pandemic.

Register for the Virtual Discussion


Update: March 13, 2020

The New Westminster Chamber has been in contact with the Canadian Chamber, the Greater Vancouver Board of Trade and many other entities regarding guidance to member organizations and businesses pertaining to the COVID-19 outbreak in Canada and, in particular, in lower mainland BC.

Summary:

The New Westminster Chamber of Commerce advises its members to follow the guidance prepared by the BC Centre for Disease Control, the Canadian Chamber of Commerce and the Greater Vancouver Board of Trade.  This guidance pertains to:

  • Handwashing
  • Self-Isolation of persons exposed
  • Social distancing
  • Travel
  • Events

Additional measures that members should pay attention to in their situation include:

  • Business continuity planning
  • Business interruption and travel cancellation insurance
  • Workplace practices regarding sick leave, requirements for documentation
  • Supply chain disruption
  • Work from home possibilities

A more comprehensive list can be found on the Canadian Chamber of Commerce website (here).

We are aware that the effects of this outbreak will be substantial for many in the business community and that the effects will differ depending on the ultimate severity of the outbreak, the nature of the business being conducted, and the size of business. We are encouraged by the March 11, 2020 Federal announcement of some fiscal countermeasures to both better prepare the Health Care System in Canada and to soften some of the impact of COVID-19 on employees and businesses.  We look forward to further measures being announced by all levels of government as the situation evolves. We also look forward to further fiscal measures being announced on March 13 and beyond.

Fiscal Measures:

A summary of the March 11, 2020 federal fiscal countermeasures prepared by the Canadian Chamber of Commerce is here.

The Chamber is also actively exploring, with governments, a number of other measures including but not limited to:

  • Sick pay remediation
  • Accelerated payments from government to businesses and persons of amounts owing (i.e. tax refunds, GST rebates, accounts payable
  • Deadline extensions for tax filing, elimination of late remittance penalties
  • Interest free loans/grants to SME’s adversely affected by COVID-19
  • Other tax (payroll, property, income etc.) remediation

Chamber Events:

Our discussions with other Chambers of Commerce across BC and Canada have indicated that several Chambers are continuing to run scheduled events while others are not.  The New Westminster Chamber of Commerce is in the process of reviewing all local Chamber events and meetings and will, as appropriate, be converting as many of them to on-line as is practicable.  Further details on Chamber events will be made available to members on a timely basis.

The New Westminster Chamber of Commerce will keep members as up to date as possible in this evolving situation and will continue to advocate on behalf of our members and business in general as we collectively confront COVID-19.  Please feel free to reach out to us for links to information, best practices, and with your comments. 

Rnold Smith, CEO

Tel:  (604) 521-7781

E:mail: ceo@newwestchamber.com

 

 


 


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ABOUT US

The New Westminster Chamber of Commerce is a non-partisan business organization that exists to meet the needs of the business community.

CONTACT

administration@newwestchamber.com

(604) 521-7781
#201 - 309 Sixth St

New Westminster, BC V3L 3A7

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