Just like you, I am deeply concerned with the impact of the global pandemics on our economy and your business. I see the businesses being disrupted and closing their operations until further notice.
We are closely watching the announcements of the response measures at all levels of governments to help businesses survive the tough time. Although it will take another few days or even weeks to get the details of the announced programs, here is what we already know and what you can do about it.
1. Business Credit Availability Program (BCAP) is a $10-billion credit facility that will be provided by the crown corporations, EDC and BDC, to the creditworthy Canadian companies. It will be an interest-based loan focused on maintaining your cash flow, but we expect that the terms and application process will be outlined shortly. For now, if you have EDC or BDC financing, contact your account manager to inquire about principal postponement.
2. Temporary Wage Subsidy was announced on Wednesday, March 18. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. The application guideline is not available yet, but we expect it to be available shortly.
3. If you already have the approved government grant or interest-free loan, the situation will impact your project. Please, reach out to your funding organization contacts to discuss contingency plan or project timeline extension. There is an understanding of the situation among all levels of government and you won’t be penalized for what is out of your control.
There are other measures to support the individuals and businesses impacted by the crisis. I will keep you posted as more information becomes available.
We are currently working on an anti-recession solution to address all possible negative scenarios and help you get through the difficult time. Please, help us to shape the solution by answering a short anonymous survey here.
Remember. We will get through this together. Our team is fully available.