Business Support during COVID-19
As businesses start to pivot and adjust under COVID-19 conditions, Federal and Provincial support is being announced almost on a daily basis. If not a new announcement, some sort of update or adjustment comes forth in order to keep Canadian business afloat as much as possible. In my day-to-day dealings, I have the opportunity to connect with clients not only for their residential mortgage needs, but also for commercial loans and commercial mortgage inquiries. Several have asked me how they can access this new support information. I wanted to share a couple of programs currently being offered at the Federal level and close to home thorough our Provincial system.
British Columbia – Current Programs (updated April 18, 2020)
COVID-19 BC Business Support:
On April 16, 2020, the Province launched the new COVID-19 BC Business Support Service program that will serve as a one-stop resource hub for business owners looking for information on how they can access various Government support and relief programs.
To get started or for more information, you can visit: B.C. Business COVID-19 Support Service
Property Tax Bill:
Most businesses in BC will see an average reduction of 25 percent for their total property tax bill. This comes from the reduction in school property tax which is equivalent to $700 million in total relief value. Also any late payment penalties have been pushed to October 1, 2020. The latest update shows that rates for commercial properties, Classes 4, 5 & 6 will be reduced by 50% for the 2020 tax year. For more information, please see: School Tax link
Canada – Current Federal Programs (updated April 18, 2020)
Rent Assistance for Business Owners:
Federal and Provincial governments are working together to setup a Canada Emergency Commercial Rent Assistance Program. This program will be in place for business owners to access loans in order to pay their rents. The current proposed rent periods are in place for three months (April, May and June). In some cases, these loans could be forgivable. More details to follow at: Canada Emergency Commercial Rent Assistance (CECRA)
Interest Free Loans for Business:
The Canada Emergency Business Account (CEBA) will empower financial institutions across Canada will now be able of offer up to $40,000 in loans to local businesses. The local business must show their 2019 payroll range between $20,000 to $1.5 million. Previously this qualifying range was a minimum of $50,000 and a maximum of $1 million. The approved loans will be interest free and no payment will be required until December 31, 2022. For those that have the ability to pay this loan early, the Government will waive 25 percent of the loan, up to a maximum of $10,000.
To learn more about CEBA, please visit: Canada Emergency Business Account CEBA
I hope this quick round up is of value to my business owner friends. I find that we are being more than just your everyday Mortgage Brokers these days to support our networks in accessing information they need to be successful, or to keep their own business afloat in these trying times. I am committed to your overall success and happy to connect over a phone call or web meeting to lend my support. We are all in this together.
Stay Safe & Healthy,
Sukh Sangha | Contact Me