It appears without question at this time that COVID-19 will have profoundly detrimental impacts on the economic fortunes of small and medium-sized businesses in Canada. The uncertain business climate is giving way to a precipitous drop in consumer spending and greenlighting of transactions. Thankfully, there are a large number of relief programs available to businesses. The purpose of this short blog post is to provide a helpful listing of those programs. We recommend that any small or medium-sized business owner keep track of these links and refer to them regularly; the programs offered change very quickly and will continue to change as the economic impacts of COVID-19 are felt.
Canada's COVID-19 Economic Response Plan
The Government of Canada has announced a large number of initiatives to support businesses. Initiative highlights include income support for workers, deferral of income taxes and instalment payments, wage subsidies, audit suspensions, and capital supports through the Business Development Bank of Canada and Export Development Canada. Another useful Government of Canada link is available here.
COVID-19 Benefits and Services
This is the primary Government of Canada landing page for employment-related matters concerning COVID-19 (such as employment insurance information).
Government of Saskatchewan Financial Supports
The Government of Saskatchewan has announced a number of financial supports including a self-isolation support program, Provincial Sales Tax and crown utility deferrals, student loan repayment moratorium, and changes to provincial employment legislation to facilitate temporary layoffs.
This is the primary City of Saskatoon landing page for all municipal initiatives aimed at combatting COVID-19. Notably, it includes information about tax relief concerning utility payments and property taxes.
This is the primary City of Regina landing page for all municipal initiatives aimed at combatting COVID-19. Notably, it includes information about tax relief concerning utility payments and property taxes.
Saskatoon Regional Economic Development Authority (SREDA) COVID-19 Support Resource List
This provides an excellent overview of substantially all supports available for individuals and businesses impacted by COVID-19.
Private Bank Relief Programs (links for BMO, TD, RBC, CIBC, and Scotiabank)
Canada's largest financial institutions are providing various forms of relief to business owners such as deferrals of payments and increases to outstanding loans and lines of credit.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
