COVID-19 Response Update 12
Stay tuned this week for more information today from the Federal Government and further announcements from the Provincial Government regarding financial supports later in the week.
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- Businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify.
- The government will cover up to 75 per cent of a salary on the first $58,700, or payments up to $847/week.
- Wage subsidies will be retroactive to March 15, 2020.
- More details are expected tomorrow, Tuesday, March 31.
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BDC Loan & Guarantee Program Update
BDC announced the details of its new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in additional lending. The program will operate as follows:
- Small and medium-sized businesses can get support through a new Co-Lending Program that will bring the BDC together with financial institutions to co-lend term loans to these businesses for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts up to $6.25 million, 80 per cent of which would be provided by BDC, with the remaining 20 per cent by a financial institution.
- EDC will also provide funding to financial institutions so they can issue new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized businesses, as a result of a new domestic mandate enhancing EDC’s role in supporting Canadian businesses through COVID-19 crisis. These loans will be 80 per cent guaranteed by EDC, to be repaid within one year.
- Eligible companies could obtain up to $12.5 million through these two lending streams.
To read the full press release, click
here
.
You can also click
here
in case you missed the previous press release presenting BDC’s additional relief measures.
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Province of Nova Scotia - Department of Business
EMPLOYER ASSESSMENT TOOL
We have heard businesses and non-profits need clarity on how they can comply with the Public Health Order. An on-line tool to quickly help employers determine if they may remain open, in compliance with current workplace safety requirements, has been posted to the provincial coronavirus website.
COVID-19 SMALL BUSINESS RENTAL DEFERRAL GUARANTEE PROGRAM
We’ve listened to businesses and have removed the requirement of tenant businesses to have 5 or more employees to be eligible for the program. The revised guidelines are online and there is no employee minimum to be eligible
https://novascotia.ca/coronavirus/#support
Rental deferral agreements must be in place by April 1 and you must register your intent with the Department of Business by 5 p.m. on Friday, April 3, by emailing
[email protected]
.
By April 30, 2020, the landlord must submit an application to the Department of Business which will include an application form and a copy of the deferral agreement. Each landlord will be contacted directly by the Department.
We continue to ask landlords and retail and commercial tenants to work together to find a solution that works for both sides.
This is not a stand alone program; the provincial government will be announcing more supports for businesses in the coming days that complement federal programming.
CHANGES TO REGISTRY OF JOINT STOCK
Counter service is not available at this time. The Business Registration Unit, located on 6 North in the Maritime Centre, 1505 Barrington Street, Halifax, will have a drop box in the building lobby for deliveries of documents for processing. Drop boxes are in place at Access Nova Scotia Centre locations in Yarmouth, Kentville, Bridgewater, Dartmouth, Amherst, Stellarton and Sydney to receive RJSC deliveries and will be delivered to the Maritime Centre for processing
During this period, scanned copies of originally signed documents or digitally signed documents where the digital signature information is clearly readable when the document is printed, will be accepted. These scanned or digitally signed documents may be submitted via email to
[email protected]
.
The Nova Scotia Barristers’ Society has issued updated information concerning the client identification rules, as well as taking affidavits and oaths with non-face-to-face means that you will have to consider. That information can be found at
https://nsbs.org/covid-19-questions
.
Emails containing a credit card number is automatically blocked for security reasons. Please provide a phone number of a contact person from whom to obtain the relevant credit card information to complete payment. Contact the RJSC directly at 902-424-7770 or 1-800-225-8227 with any questions.
NOVA SCOTIA TENDER NOTICES
Are you a business that can supply products and service in support of Nova Scotia’s response to COVID-19? If so, we want to hear from you. A procurement portal has been developed and includes a list of products and services we’re looking for. For more information, visit
https://procurement.novascotia.ca/ns-tenders.aspx
GOVERNMENT BUSINESS NAVIGATORS
USEFUL RESOURCES
Government of Canada toll-free information line 1-833-784-4397
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Refusing Cash: A message for Essential Service Providers
As we all do our part to try and limit the spread of COVID-19, more businesses are choosing not to accept cash to limit potential exposure.
The Bank recognizes these measures are being taken with the safety and well-being of both staff and consumers in mind. We all need to be doing what we can to reduce the risks.
You may not be aware that refusing cash purchases outright will put undue burden on the people who depend on cash and have limited payment options. In these trying times, we sincerely hope that as business leaders you will provide Canadians with the goods and services they need – now is not the time to turn them away.
It’s important to keep in mind that the risks posed from handling cash are no greater than those posed by touching other common surfaces like doorknobs, kitchen counters, handrails, etc. Front-line staff handling cash should follow the
public health guidelines on COVID-19
and wash their hands often, as they would do for other activities.
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Resources from the Canadian Chamber of Commerce
Canadian Business Resilience Network
In the coming days, you will hear more about the Canadian Business Resilience Network. The Canadian Chamber of Commerce established the Canadian Business Resilience Network to bring together its vast network of over 450 chambers of commerce and boards of trade and over 100 of Canada’s leading business and industry associations, including the Business Council of Canada, the Canadian Federation of Independent Business and Canadian Manufacturers and Exporters, to help the business community prepare, persevere and, ultimately, prosper as we collectively face the COVID-19 pandemic.
A key element in this campaign, which will go live in the coming days, is a dedicated microsite. Our microsite will serve as a central hub for credible and authoritative information; the latest news and insights; tools and resources; and as a platform for engaging businesses. We will highlight and explain government programs and report on the progress of our advocacy efforts on measures for which we are striving to advance to support businesses and their employees.
In the meantime, you can find more information here:
- You can find live updates and information about Canada’s response to COVID-19 here.
- You can find information about supports for small businesses here.
Other Resources
Health Canada is warning Canadians about the risks of buying health products, including drugs, natural health products, homeopathic products and medical devices that make false or misleading claims to prevent, treat or cure COVID-19.
Click here
to find out more.
The Canadian Psychological Association has developed a useful fact sheet for those working from home.
Click here
to read it.
