COVID-19 Response Update 4
Please note that after today we will not be staffing our office. We will be working from home, if you need to get in touch with us please email firstname.lastname@example.org
We are working to get you answers around the many questions that you have. As soon as we learn information we will share it with you. Hopefully you find these daily updates useful, if there is any information you are looking for please be sure to send us an email to let us know.
Please note that we do expect the Premier to announce a number of measures to support business today, we would suggest that you pay attention to the Nova Scotia Government Facebook page for the live feed. We expect that this press conference will be at 3pm.
News from Yesterday's Provincial Press Conference:
Premier Stephen McNeil, chief medical officer of health Dr. Robert Strang, and Community Services Minister Kelly Regan provided an update earlier today, March 19. A recording of the news conference is available on the NS Gov Youtube page:
Details of measures announced to help vulnerable Nova Scotians and to further prevent the spread of COVID-19 in the province are outlined below:
-- investing $2.2 million so that every individual and family member on income assistance will receive an additional $50 starting Friday, March 20, to help pay for food, cleaning supplies and personal care items. People do not need to apply.
-- $1 million to help Feed Nova Scotia purchase food and hire more staff
-- no tenant can be evicted because their income has been impacted by COVID-19, effective immediately for the next three months
-- emergency funding of $230,000 for Senior Safety Programs and Community Links to help vulnerable older adults
-- university students from Nova Scotia who are still living in residences need to go home, to provide space for social distancing for those students from outside the province who are not able to travel
Information from Atlantic Chamber of Commerce
Please see attached from our Corporate Partner, Deloitte, two helpful documents for business.
First, a summary of all the measures announced by government
recently, and a tax consideration guide for employers in regard to some of the measures announced.
Business Development Bank of Canada
BDC is taking additional measures to provide relief to Canadian entrepreneurs during these difficult times. These include:
- Working capital loans of up to $2 million with flexible terms and payment postponements for up to six months for qualifying businesses;
- Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
- Reduced rates on new eligible loans;
- Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.
To read the full press release, click
Over the past couple of days, we’ve received many questions from partners and clients about BCAP, so we’ve compiled some of the key ones below:
How do I access BCAP?
- Businesses seeking support through BCAP should first contact their financial institutions for an assessment of their situation.
- Financial institutions will refer to EDC and BDC their existing clients whose needs extend beyond what is available through the private sector alone.
- Existing BDC clients should reach out to their account manager for additional information.
Why banks first?
- Canada’s six biggest banks have made a commitment to work with small business customers on a case-by-case basis to provide flexible solutions to help them manage through these challenges.
- Banks have a longstanding history of standing by Canadians through challenging times, like now.
- BDC complements the work of Canada’s private-sector financial institutions, with whom we work closely.
Why is it taking so long?
- We are receiving an unprecedented volume of requests. We understand the urgency of the situation and have mobilized all BDC teams to respond as quickly as possible.
We encourage you to share this valuable information with your colleagues and clients.
You may be interested in registering for a free webinar offered by BBB Accredited Business Ceridian. This webinar is hosted by HR and employment lawyer Stuart Ducoffe, and will cover important information you need to know about dealing with the Coronavirus outbreak as an employer.
You can register by clicking