We are clearly in uncharted territory with COVID-19, and we hope you are all taking the necessary precautions to keep yourself and your families safe. The priority is the health and safety of everyone in the community, and following the advice of the health professionals to prevent the spread of the virus. Below are some informational resources that may be helpful to your business in these challenging times.
- April 3 - More details released on the Canada Emergency Response Benefit, which will provide a payment of $2,000 for anyone who has lost their employment, or self-employment due to COVID-19. LEARN MORE HERE.
- March 30 - Prime Minister Justin Trudeau clarified his previous announcement regarding the wage subsidies, stating that only businesses who have lost 30% or more of revenue due to COVID-19 would qualify. The number of people employed by the business will not be a factor. LEARN MORE HERE.
- March 27 - The Government of Canada will be subsidizing wages for qualifying small and medium-sized business for up to 75% of wage costs, backdated to March 15, 2020. There will also be a $40,000 load available to small businesses from banks. The loan will be guaranteed by the government, and will be interest-free for the first 12 months, with up to $10,000 of the principal being forgiven. Businesses can also delay GST and HST payments until June. LEARN MORE HERE.
- The Region of Halton passed a resolution to not collect regional taxes until the end of June. The Town of Halton Hills is in turn offering temporary relief for taxpayers by removing all penalties and fees for those who need to defer payment. The grace period will run from April 1 to June 30. LEARN MORE HERE.
- The Ontario Government has announced additional support for employers and the general public. This includes five months of interest and penalty relief for businesses to file and make payment for the majority of provincially administered taxes; allowing employers to defer WSIB payments for up to six months; cutting taxes by $355 million for about 57,000 employers through a proposed temporary increase to the Employer Health Tax (EHT) exemption. It also includes a one-time payment of $200 per child up to 12 years of age, and $250 for those with special needs; as well as a deferment of the upcoming June 30 quarterly municipal remittance of education property tax to school boards by 90 days, which will provide the municipalities with the flexibility to provide property tax deferrals. LEARN MORE HERE.
- March 13 - The Government of Canada announced the establishment of a Business Credit Availabilty Program (BCAP) to help Canadian business obtain financing. Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship. LEARN MORE HERE.
- Canadian government support for small businesses. LEARN MORE HERE.
- Government of Ontario providing electricity relief to small businesses. LEARN MORE HERE.
- Prime Minister Justin Trudeau announced that the House of Commons has passed another emergency bill. This new bill will provide $2,000 a month for the next four months to people who are not working due to COVID-19, regardless of whether they are unwell. An online portal will be made available to submit applications, with people receiving money within 10 days of applying. The communicated timeline is that the portal will be available by April 6, 2020. LEARN MORE HERE.
- Canadian government announces $82 billion in COVID-19 support. Includes income supports, temporary wage subsidies and tax deferrals. LEARN MORE HERE.
- CRA extends deadline for filing personal taxes from April 30 to June 1. The deadline to paying off any outstanding balances interest-free has also been extended to August 31. Businesses will also have more time to file their taxes without paying any interest or penalties. The new deadline will be August 31 to file any corporate taxes and make any scheduled instalment payments. LEARN MORE HERE.
- The Federal Government has waived the one week waiting period for Employment Insurance due to sickness benefits. From an employer’s perspective, you have 5 days to issue the Record of Employment. LEARN MORE HERE.
- Banks promise mortgage help for Canadians. This includes up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products. LEARN MORE HERE.
- Access to COVID-19 Preparedness toolkit for Ontario businesses. LEARN MORE HERE.
- Town of Halton Hills COVID-19 business support updates. LEARN MORE HERE.
- The Halton Hills Chamber of Commers COVID-19 informational page for businesses. LEARN MORE HERE.
- Letter from the Ontario BIA Association to the Prime Minister. LEARN MORE HERE.
We will make sure to keep you updated with any relevant information as things develop. Don’t hesitate to reach out to the BIA if you have any questions regarding this pandemic by calling the office (905) 873 4970, or via email to Yaw Ennin (email@example.com) or Connie Ward (firstname.lastname@example.org). We understand and respect the tough decisions our members are making, whether to temporarily close shop or reduce services. We are here for you, and we will get through this together!