COVID-19 Business Resources

SUNDRE'S PANDEMIC BUSINESS RESILIENCE SUPPORT STRATEGY 

FOR UP-TO-DATE COVID-19 INFO BY SUNDRE EMERGENCY MANAGEMENT, CLICK HERE.
 
We understand that the current public health emergency is weighing heavily on your business. Sundre Economic Development has developed a 10-point strategy, covering three key areas, to try and help relieve some of your anxiety and prepare you for the eventual return to normal operations. To see a copy of the strategy guiding our efforts, click here.
 
These are unprecedented times. Try and keep positive. You WILL be able to rebuild and recover.
 
In the meantime, explore the information below to try and help you navigate the system of supports that are currently being provided.
 
(This page is still under construction. We appreciate your patience)

There is Hope.

Take advantage of the following programs to get you through the crisis. As we become aware of new programs, we will update this list.
 
FEDERAL GOVERNMENT PROGRAMS
Work-sharing Program
The Federal Government is extending the maximum duration of the Work-Sharing Program from 38 weeks to 76 weeks. 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.
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Wage-subsidies for small businesses

Provides 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.

Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.

On March 27, 2020, the Federal government announced that the wage subsidy would be increased to cover up to 75% of an employee's wages. All businesses seeing a drop of 30% in revenue due to the pandemic will be eligible, according to Prime Minister Justin Trudeau. We are still waiting on info to be posted on the Federal government's website.

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(income support)

 The Federal government will provide a taxable benefit of $2,000 a month for up to 4 months to:

  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
  • workers who must stop working due to COVID-19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
  • working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
  • workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
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Small Business Financing Program
The Canada Small Business Financing Program makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.
 
Small businesses or start-ups operating for profit in Canada, with gross annual revenues of $10 million or less are eligible.
 
Up to a maximum of $1,000,000 is available for any one borrower, of which no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment. 
 
Note that financial institutions deliver the program and are solely responsible for approving the loan.
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Deferred GST & HST payments, duties, and taxes on imports
The Federal government will allow businesses, including self-employed individuals, to defer until June 30, 2020 payments of the Goods and Services Tax / Harmonized Sales Tax (GST/HST), as well as customs duties owing on their imports.

The deferral will apply to GST/HST remittances for the February, March and April 2020 reporting periods for monthly filers; the January 1, 2020 through March 31, 2020 reporting period for quarterly filers; and for annual filers, the amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.

For GST and customs duty payments for imported goods, deferral will include amounts owing for March, April and May.

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Sell Directly to the Federal Government 

Income generating opportunity: Are you a business that can supply products and services in support of Canada’s response to COVID-19? The Federal government wants to hear from you right away.

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Complete List of Support under Canada's Economic Response Plan
Includes all info on programs for employees, businesses, and people who cannot work.
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ALBERTA GOVERNMENT PROGRAMS
(Emergency financial assistance)
For employees
You can get help when:
- a situation is caused by unforeseeable circumstances beyond your control, and
- it presents a severe health risk, and
- you cannot access other resources or wait until your next pay-cheque or Income Support benefit cheque.
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Includes all info on tax changes, payment deferrals on various levies and taxes, and job leave protection. 
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FINANCIAL & ECONOMIC DEVELOPMENT AGENCY PROGRAMS
ATB Financial Customer Relief Program
ATB Financial will be offering payment deferrals for small businesses up to 6 months. Other programs may be available.
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Canadian Bankers Association 
 
Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case‑by‑case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID‑19; childcare disruption due to school closures; or those facing illness from COVID‑19.
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Business Credit Availability Program (Business Development Bank of Canada and Export Development Canada) 
  
EDC and BDC will provide more than $65 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted.
 
Specific Elements of the Business Credit Availability Program include (these will be rolled out in the three weeks after March 27, 2020):
  • Emergency Business Account: The new Canada Emergency Business Account 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.
  • Loan Guarantee for Small and Medium-sized Enterprises: EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs.
  • Co-Lending Program for Small and Medium-sized Enterprises: BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program.
 
Business Development Bank of Canada will also provide flexible payments, low interest unsecured loans and support high-risk business. You must merely have been viable prior to the crisis. Contact the BDC directly for more information.
 
Immediate cash loans: BDC also has an on-line loan application option for Non-BDC clients; small businesses that have been in operation a minimum 2 years and where the shareholder has a strong personal credit score can apply for up to $100,000. This is an option for immediate cash needs.
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CF Central Alberta is deferring all payments for existing clients for up to 3 months, and will consider all applications from new clients on a case-by-case basis.  
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FCC has received an enhancement to its capital base that will allow for an additional $5 billion in lending capacity. 
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We will do what we can to help you  

1. Business Impact Surveys 
Help us understand the extent of the impact on your business that the COVID pandemic response has caused. Though it may be tedious, completing both these surveys will help us understand what your needs are from both a local perspective and a provincial perspective.
 
 
2. Business Support Hotline
(Pending; Not yet established) Available to businesses in Sundre's trade area, including Mountain View County and Clearwater County. Need help navigating all the programs that have come available? Let us try and help you. If we don't have an answer, we'll try to get one. Give us a call between 10am and 3pm.
 
3. Advice and Technical Assistance
If you are a small business located in Sundre's trade area and need help getting your head around this whole situation, contact us and we will do what we can to offer limited advice for the road ahead. Alternatively, if you'd like support with marketing and becoming an online business, we can also try and provide limited technical assistance. 
 
Contact us at the Hotline number above, or write: economic.development@sundre.com
 
4. Case Management Assistance for Certain Businesses
We can help act as a concierge to certain businesses. Due to the sheer volume of help required, this dedicated case support will be limited, but we'll do what we can. If your business is in danger of imminently shutting down, or if your business is an economic anchor to the Sundre trade area, write or call us so we can discuss how we might help. 

Workshops on Re-growing your Business

Once social distancing and isolation efforts are removed and the economy begins to recover, Sundre Economic Development will be hosting workshops to guide you through the post-pandemic reality. We will try and host experts in accounting, finance, tax, government programs, development permitting and legal areas. 
  
Stay tuned for further information in the near future. 
 
In the meantime, we will continue to promote Sundre as a place to visit and invest. This crisis will come to an eventual end, and we want you to keep Sundre top-of-mind. 
 
For information on visiting Sundre, visit ExploreSundre.com
 
For information investing into Sundre, visit GrowSundre.com