COVID-19: Resources for Businesses
The following is an evolving list of financial resources, measures, policy, and other information put forward by various level of government in response to the COVID-19 pandemic. This list will be continuously updated to provide the most relevant and up-to-date information for our members.
We encourage everyone who is seeking advice on how to access resources for support to contact the City of Toronto’s Small Business Service Centre at by calling 416-392-6646, emailing [email protected], or by visiting their website.
Also a reminder to TRACK YOUR LOSSES. It is not unheard of for the Government to require a complete audit of your sales before, during, and after the outbreak in order to calculate future compensation.
Government of Canada
Canada’s COVID-19 Economic Response Plan: March 18, 2020 – The Prime Minister has announced a new set of economic measures to help stabilize the economy during this challenging period. A number of measures for both individuals and businesses were announced including:
Providing eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer
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 and before September 2020.
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
Additional support for workers including Canada Child Benefit payments, access to EI, mortgage deferral, tax payment deferral, and more.
Learn more about these measures here.
We will continue to monitor the rollout and delivery of these programs, and provide updates as we can.
Federal Wage Subsidy: It is now in place, and businesses can access this subsidy by reducing the amount of federal income tax remitted to the CRA. Details on how it works are here: https://www.canada.ca/
Business Credit Availability Program (BCAP); March 16, 2020 – Through the Business Development Bank of Canada, the new BCAP new fund will provide more than $10 Billion in financing for small businesses. Businesses can apply online here: https://www.bdc.ca/en/
There are two credit streams available to small businesses through BDC:
- Less than $100,000:
- Apply online
- Only criteria is how long the business has been operating, and personal credit score
- Application process, will be notified once approved
- 5 year term
- interest rate is 3.3%
- Can defer principal payment for first 6 months
- Open loan: can repay in full without penalty
- $100,000 – $2 million:
- Still an online process, more involved application
- Requires submitting financial statements from the last 2-3 years
- Negotiable term
- Interest rate is 3.3% (might add a variance)
- Not an open loan – penalty if pay before end of term
Work-Sharing: March 17, 2020 – Work-Sharing (WS) is an adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. The measure provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while their employer recovers. The Government of Canada introduced temporary special measures that extend the maximum duration of Work-Sharing agreements from 38 weeks to 76 weeks across Canada for those businesses affected by the downturn in business due to COVID-19. Click here to learn more.
Government of Ontario
Mandatory Closure of All Non-Essential Businesses: March 23, 2020 – The Ontario government will be ordering at-risk workplaces to close-down, while encouraging businesses to explore opportunities to continue operations through work-from-home and innovative business models. At-risk workplaces will be ordered to close by 11:59 p.m. on Tuesday, March 24th and where possible, take the necessary measures so staff can work from home allowing operations to continue.
Essential workplaces that may remain open are listed here.
Job Protection for Workers: March 16, 2020 – Premier Ford announced new protection for workers during the pandemic. The government intends to introduce legislation that, if passed, would immediately provide job-protected leave to employees in isolation or quarantine due to COVID-19, or those who need to be away from work to care for children because of school or day-care closures. Learn more about the legislation here.
City of Toronto
Economic Support & Recovery Task Force: March 17, 2020 – The City of Toronto has developed a task force to support businesses affected by this crisis. Some of the upcoming measures include:
Extend a grace period for tax and other City of Toronto payments for businesses (payment and payment penalties) first for 30 days as of March 16.
Establish a “substantial contingency fund” to support businesses and affected groups
Expand the city’s small business advisory services to help businesses as they plan to recover from impacts
Other Resources and Updates for Business
Digital Main Street: FREE one-on-one support to help get your business online
Canadian Chamber of Commerce: Pandemic Preparedness for Business
Ontario Chamber of Commerce: COVID -19 Preparedness for Business
Canadian Federation of Independent Businesses: Small Business Help Centre
Retail Council of Canada: Resources for Retailers
Big Six Banks: Offering support to affected businesses and individuals
Employment Insurance (EI): New support measures
Facebook: Grants to support small businesses
Shopify: Now offering digital gift cards on all its subscription plans: https://www.shopify.
Shopify: List of resources for small businesses
Public Works and Government Services Canada: Calling all Suppliers
Surveys
Various business organizations and associations have developed surveys to help measure the impact of COVID-19. Please take a moment to complete surveys that are relevant to you to help these groups advocate on your behalf.
City of Toronto Economic Support & Recovery Taskforce: Local Business Priorities: Responding to COVID-19
Ontario BIA Association (OBIAA): Impact to BIA Communities Survey
Tourism Industry Association of Ontario (TIAO): Survey of Impact on Ontario Tourism Operations
Printable Information Cards & Posters
Protect Yourself poster
How to Protect Yourself Information Card (Also available in: Simplified Chinese | Traditional Chinese
Wash Your Hands poster
Cover Your Cough poster
Self-Isolate poster
Social Distancing poster
Health Resources
Toronto Public Health
https://www.toronto.ca/community-people/health-wellness-care/diseases-medications-vaccines/coronavirus/
Ontario Health and Wellness
https://www.ontario.ca/page/2019-novel-coronavirus
Health Canada
https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection.html
World Health Organization
https://www.epi-win.com/advice-and-information/business-and-employees





















