CBDC Southwest Newsletter
March 27, 2020
Good Day,
As a CBDC Southwest client and small business owner, we know that you have questions and concerns and that you need information about how to get through the current COVID-19 crisis and how to prepare for the future. Please know that you are not alone. We are dedicated to helping you access the information and resources you need for the days and weeks ahead.
We will be communicating with your regularly with advice and links to important resources. In this first newsletter, we will outline some supports available from the federal and provincial governments. Click on any of the highlighted links to go directly to the websites.
State of Emergency
First, if you are wondering how the current State of Emergency in New Brunswick relates to your business, and whether or not you should be operating, you will find answers in the Interpretive Guideline: March 19, 2020 Declaration of Emergency and Mandatory Order.
Government of New Brunswick
The Government of New Brunswick COVID-19 Guide for Businesses is an important website to check out. It outlines assistance to support businesses impacted by COVID-19. This assistance will be determined on a case-by-case basis. The government will review waiving late penalties on property taxes, and it will also consider deferring interest and principal payments on existing provincial loans. There will also be new operating loans for small businesses through Opportunities New Brunswick (ONB) of up to $200,000.
Government of Canada
The Government of Canada COVID-19 Economic Response Plan has been created tp stabilize the economy during this challenging time.
The Government of Canada Resources for Canadian Businesses – Coronavirus disease (COVID-19) – outlines resources to support business owners and their employees.
For employees, these supports include changes to employment insurance (EI) regulations, a temporary boost in Canada Child Tax Benefits, an Emergency Support Benefit for workers not eligible for EI, and an extension of the tax filing deadline to June 1, 2020.
Federal supports for businesses include measures to avoid layoffs, such as enhancing the Work-Sharing program and a new Business Credit Availability Program (BCAP).
The Canada Revenue Agency (CRA) has updated information on tax payments and filing deadlines, temporary wage subsidies, the Emergency Care Benefit, the Emergency Support Benefit, Canada Child Benefit payments and credit available to farmers. The CRA will also defer tax payments until August 31, 2020 to help businesses with cash flow. For more information, contact Service Canada at 1-800- OCanada (1-800-622-6232).\
Canada’s regional development agencies including the Atlantic Opportunities Agency (ACOA) also have support available for small or medium-sized businesses impacted by COVID-19. You can visit their website or call 1-800-561-4030.
WorkSafe NB
WorkSafe NB has announced that assessment premiums related to employer payrolls for March, April and May will be deferred for three months without interest charges.
BDC
The Business Development Bank of Canada (BDC) has lots of useful information in this webinar and on this webpage about continuity planning and cash flow planning.
*It is extremely important to have these plans in place and monitor and update them weekly as you adapt your business to the current situation and plan to be back in business once the COVID-19 crisis has passed
CBDC Southwest Webinar
Please join us for a zoom webinar on April 1, 2020 at 10 am to discuss programs offered through CBDC (Loans & the Self Employment Benefit program - SEB). This will be a general info session for individuals who are currently unemployed and for Small-to- Medium-sized businesses. You can join our webinar here.
While none of us know how long this current crisis is expected to last, one thing we do know, is that we’re in this together. We will continue to bring you the latest information as it applies to your business. Please take care of yourselves, your families and your employees. Your – and their - health and safety is the most important thing.
We’ll be back in touch with more information and updates!