9 steps to thrive with your business during the current health challenge.

Palagon Office Space
2020-04-25

Steps to thrive your business during Covid 19

 

 

BC/Federal Government help for businesses because of COVID19 (Corona). See below!

 

Here are some steps that will support your best decisions for your business life right now. Don’t forget to do your own research for your business and keep up with the news/media.  

 

You will get through this. Remember that fear shuts down innovative and creative thinking, let it GO and try to stay clear-headed: YOU are your VISION for your business!

 

STEP 1

Contact your accountant for more information about the opportunities the government is offering which matches your business needs. +  Connect with your financial institution and find out what options are available. 

For e.g. 40k eligible businesses (eligible businesses may be able to have 25% be forgivable).

Lost all income?  You can apply for the CERB!
Ask your bank for LOC or other loans, deferral of mortgage.

Is this mortgage up for renewal? 
There are low-interest rates available right now. 

 

STEP 2

Contact your payroll representative for more information about wage subsidies, as the 10% wage subsidy is currently available. The 75% wage subsidy will become available very soon for eligible businesses.

 

STEP 3

Do your own research and continue to follow the news and media for more updates. 

 

STEP 4

Refer to reliable resources such as Canada.ca.  

Please be mindful of scam websites out there!

 

STEP 5

eview and Revisit all of your financials (including accounts receivable and accounts payable) in order to have a full view of how to strategically plan for the next best steps!

 

STEP 6

Stay close to your numbers!

Ask your bookkeeper/accountant to make a weekly projection in order for you to forecast and plan for cheques coming in and cheques going out!

**This one we recommend you do at ANY point in your business not just right now!!**

 

STEP 7

Connect with BC Hydro, Fortis BC, Auto payments (your dealership etc),  ICBC and Credit Card Companies for more assistance.

 

STEP 8

Please use the assistance only if/when you truly require it, as the government is taking these opportunities seriously and offering them to those who need them most.

 

STEP 9

There are free business seminars available to you right now!! Check our Instagram page for more information. 

 

Make a list of resources/contacts that you feel will help you solve the problems and press the call button!

 

 

See more resources about loans and subsidy below:

 

Federal Government Announces 75% Wage Subsidy and Loan Program to Assist Small and Medium Businesses:

 

To be eligible for the former 10% subsidy, employers were expected to meet all of the following criteria:

1. Be a non-profit organization, registered charity, or Canadian-controlled private corporation (CCPC);

2. Have an existing business number and payroll program account with the CRA as of March 18, 2020; and

3. Pay salary, wages, bonuses, or other remuneration to an employee.

 

 

FAQ for Wage Subsidy

 

 

 

Emergency response benefit Q&A

 

 

 

Avoiding layoffs and rehiring employees

 

The New Canada Emergency Business Account

It’s a new loan $25 billion program that will provide interest-free loans of up to $40,000 to small businesses and not-for-profits. This loan will help cover their operating costs during a period where their revenues have been temporarily reduced. To be eligible for this loan, these organizations will need to demonstrate a 2019 payroll of between 50,000 to $1 million in total.

See additional information here: https://ceba-cuec.ca/

 

 

A New Co-Lending Program for Small and Medium-Sized Enterprises

 

Through the Co-Lending Program, eligible businesses may obtain incremental credit amounts of up to $6.25 million.

Businesses should contact their financial institution to determine whether this program is a good fit for their needs.

 

 

Business Credit Availability Program (BCAP)

 

If you want to know more about financing opportunities through the BCAP, contact your financial institution directly and it will contact BDC and EDC where appropriate. Business Development Bank of Canada: 1-877-232-2269

 

 

Recent News:

 

Trudeau income supports Covid19

CFIB has great updates for businesses