Minister Ng announces hotline to provide small businesses in need with financial planning advice amid COVID-19
“We understand the incredible difficulties all business owners are facing during these challenging and uncertain times. That is why our government has rolled out the largest relief effort in Canadian history to give direct support to the businesses that need it. We want to ensure they can weather this period and bounce back once we’re on the other side of this. The Business Resilience Service will help the smallest businesses in pressing need of finance planning advice as they weather this pandemic and plan for their recovery.”
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
“This program is about business helping business. CPAs speak the language of business. They understand the financial pressures on small to medium-sized businesses, not-for-profits and charities and are uniquely qualified to help them navigate federal and regional support programs and help their organizations survive the economic impacts of COVID-19. Canada’s accounting and advisory firms are mirroring Canadians everywhere by offering to help their neighbours. It’s what makes Canada great, and it’s how we’ll get through this together.”
– The Honourable Perrin Beatty, President and CEO, Canadian Chamber of Commerce
The Government of Canada is investing $3 million in the Business Resilience Service, a four-week trial project. It may be extended in the coming weeks depending on the demand and the progress made in the fight against COVID-19.
As of December 2017, there were 1.18 million employer businesses in Canada. Of these, 1.15 million (97.9%) were small, 21,926 (1.9%) were medium-sized and 2,939 (0.2%) were large businesses.
To support Canadians and Canadian businesses as we fight COVID-19, the Government of Canada introduced the largest relief package in our country’s history. This includes major programs such as:
- the Canada Emergency Business Account (CEBA), which is providing businesses with a $40,000 interest-free loan, through participating Canadian financial institutions. If the loan is repaid by December 31, 2022, up to $10,000 will be forgiven.
- the Canada Emergency Wage Subsidy (CEWS), which provides a 75% wage subsidy to eligible employers—up to $847 per week per employee—to help businesses keep workers on the payroll and rehire those previously laid off.
- the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses, which will provide forgivable loans to qualifying commercial property owners who in turn would lower or forgo the rent of impacted small businesses for three months.
In addition to broad support programs, we have also introduced targeted measures to help artists and athletes, innovative and high-growth businesses, Indigenous-owned businesses, women entrepreneurs, farmers and agri-food businesses, and more. Find out more: COVID-19 Economic Response Plan.
Office of the Minister of Small Business, Export Promotion and International Trade
Innovation, Science and Economic Development Canada
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