Your weekly round up of BizNews from throughout Greater Victoria

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Message from Chamber CEO Catherine Holt

This morning, the federal government made a major announcement of assistance to Canadians to help them manage the economic effects of business closures, lay-offs and self quarantining requested or required by government in response to COVID-19. 

 

The speed and magnitude of the response from the federal government is indicative of their concern about the impact on individual Canadians and businesses and therefore the national economy. Many countries, especially in Europe, have provided similar assistance to their citizens. The theory is that ensuring the financial health of businesses and their workers through this uncertain time will help speed up the recovery. 

 

The Chamber urges all business owners to review the package of measures available, which we have summarized below. Talk to your accountant and act early. Most assistance will be available starting in April or May. Some relief is available today, like deferring payment of income tax owing until August, and a temporary subsidy of wages.

 

We are now waiting for a package of similar measures from the provincial government. We have asked the BC government to not charge late-filing penalties and installment interest on provincial tax payments including the EHT, WCB premiums and PST, starting immediately. And to allow municipalities to not charge late fees on payment of property tax. We also need specific financial help for all businesses affected by the virtual shut down of the tourism and hospitality industry, which includes most of our local private sector businesses.

 

We are optimistic that help is on its way from the provincial government as they have generally followed close on the heels of Canada in this current situation. 

 

Please continue to let us know how The Chamber can help you, take care of your mental health as well as your physical health and go for a walk in our beautiful spring weather to help keep this all in perspective. 

Chamber working to keep businesses informed

On Wednesday morning, Prime Minister Justin Trudeau announced $82 billion to help Canadians stay afloat during the coming months, promising more funds will be available as needed.

Highlights from the federal announcement today:

 

Helping small businesses keep their employees – eligible employers will receive a temporary wage subsidy for a period of three months – equal to 10% of remuneration during that period. Maximum subsidy is $1,375 per employee and $25,000 per employer. To streamline businesses accessing this benefit immediately, employers can recalculate payroll tax remittances to equal this amount.

Eligible employers are those eligible for the small business deduction, as well as non-profit organizations and charities.

Managing cash flow by delaying tax filing – businesses can defer their payment of income tax amounts owing on or after today and before September 2020. No interest or penalties will accumulate on these amounts. Post-assessment GST and Income Tax audits are on hold for the next few weeks. CRA Liaison Officers will be available by phone to confirm details

Accessing stopgap funding – $10 billion of additional support targeted to small and medium-sized businesses is being made available through the Business Credit Availability Program. BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism.

Banks and financial institutions – Interest rates in Canada were cut to .75% and federal rules were changed to allow Canada’s large banks to inject $300 billion of additional lending power to the economy.

We will continue to update our website with suggested links for business.

Chamber pleased trade with US stays unimpeded

The Chamber echoes the Canadian Chamber of Commerce's support for the decision to maintain the flow of goods between Canada and the US. On Wednesday morning, the federal government closed the border for non-essential travel.

Maintaining trade is critical to ensuring the stability of our supply chains that support consumers and businesses.

It's not a surprise that many organizations have stepped up during this crisis to help Canadian businesses get through this challenging time.

The Greater Vancouver Board of Trade has curated a list of videos, including the one at right from KPMG about the importance of evaluating cash flow and working capital during this volatile period to help businesses successfully emerge after the crisis.

Additional Resources

Victoria motion seeks support for businesses

Victoria City Council has a motion on the agenda of tomorrow's meeting asking the municipality to support local businesses who have been disrupted by the COVID-19 pandemic. The motion directs city staff to look at how Victoria can help sustain and stimulate businesses affected by dramatic downturns in tourism and the requirement for citizens to practise social distancing.

Chamber provides alternative route to health care



With the current pressure on our health care system, don't forget Chamber membership offers another option. If you have Chambers Group Insurance, you can now take advantage of  Teladoc Telemedicine Services  —   a fast and efficient way of getting the help you need, when you need it.

Members can receive a diagnosis, treatment recommendation, and even be prescribed medicine when necessary. Members can consult a physician about non-urgent medical matters by video conference or by phone, from wherever they are, 24 hours a day, 365 days a year.

Chambers Plan offers the Teladoc Telemedicine service  at no additional charge   to all plan members and their dependents. With the Chambers Group Insurance plan, you can customize an employee benefits plan that meets your needs.

For over 17 years, Jack Insurance and Financial Services has helped Greater Victoria Chamber of Commerce members design a Chambers of Commerce Group Insurance plan reflecting the size and requirements of their businesses.

Jack Insurance and Financial Services: Member since 1998

Businesses working together to stay safe

As businesses adapt to rapidly changing conditions, many have chosen to temporarily close their storefronts and offices. This has raised concerns about security and safety, and calls for a change in the focus of Victoria police patrols downtown.

One way businesses can help each other during these times is by working together to monitor their properties and checking in on their neighbours too.

Support local businesses

During this time of social distancing in response to COVID 19, we would like to emphasize the importance of continuing to support local businesses.

Our best advice is to follow the common-sense directions of Provincial Medical Health Officer Dr. Bonnie Henry — lots of hand washing and self-isolating when sick — and to:

There are also many digital ways of supporting local businesses. Leaving a positive review, liking their posts, or giving them a shout out on social media are all effective ways to bring more business to their organization.

Visit our directory for a list of local companies that are eager for your business. Support your family, friends, and community by shopping locally.

Is your business implementing new strategies or innovative ways of connecting with consumers?

Contact [email protected]

Welcome to our newest members!

Member to Member discounts

TUTTI

Up to $10 off your order

Abeego

Corporate Gifting - Special Pricing

Iris Optometrists and Opticians View Street

Exclusive eyecare savings for Chamber members

Wittich Environmental Services Ltd

10% discount off of a Stage 1 Preliminary Site Investigation Report

Looking to add a Member to Member deal to your online business listing?

Contact [email protected] for more information.