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UPDATES THIS WEEK:

FEDERAL UPDATES:

• Canada Emergency Wage Subsidy businesses who have had their business revenue dropped by at least 30% will be able to qualify for a temporary wage subsidy for up to 3 months, of up to 75% on the first $58,700 earned.
• Deferral to June of GST/HST payments as well as customs duties owing on imports, will generally apply to remittances that become due in March, April, and May. These amounts would normally have been due to the Canada Revenue Agency and the Canada Border Services Agency as early as the end of this month. This measure will take effect immediately, through existing authorities.
• Canada Revenue Agency is introducing a series of administrative measures to remove some of the burden on businesses experiencing financial hardship.
• New Canada Emergency Business Account will provide funding to eligible financial institutions so that they can provide interest-free loans in the form of lines of credit of up to $40,000 to businesses with payrolls of less than $1 million. A quarter of this loan (up to $10,000) is eligible for complete forgiveness.
• New Small and Medium-Sized Enterprise Loan and Guarantee program will operate as follows:
  • Export Development Canada will provide guarantees to financial institutions so that they can issue new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized businesses. These loans will be 80 per cent guaranteed by Export Development Canada, to be repaid within one year.
  • Small and medium-sized businesses can also get support through a new Co-Lending Program that will bring the Business Development Bank of Canada 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 of up to $6.25 million through the program, which will be risk-shared at 80 per cent between the Business Development Bank of Canada and the financial institutions. Eligible financial institutions will conduct the underwriting and funding directly for customers.

Additional Support for Canadian Businesses from the Economic Impact of COVID-19 ➡

PROVINCIAL UPDATES:

• Some provincial taxes have been deferred, delayed or reduced
• What you must do if employees fall ill, are absent from work or your business is unexpectedly disrupted
• Economic resources for businesses
• WorkSafeBC resources for employers
• The BC Emergency Benefit for Workers provides a one-time $1,000 payment for people who lost income
• A one-time enhancement to the climate action tax credit will be paid in July 2020 for moderate to low-income families
• Employers must excuse workers for sickness without requiring a doctor’s note
• Taking unpaid, job protected leave due to COVID-19

COVID-19 Provincial Support and Information ➡

SBOT Digital Town Hall: Your Top 10 Questions Answered – NEW TAX MEASURES and COVID-19

Wednesday, April 8 | 1:00 -2:00pm

The Surrey Board of Trade will bring together legal and accounting experts from Fasken and PwC Canada for a free Digital Town Hall to answer the top 10 questions on the new tax measures introduced as a result of COVID-19.

REGISTER ➡

Details of the Canada Emergency Wage Subsidy to Help Businesses Keep Canadians in their jobs

Details of the Wage Subsidy ➡

BRING YOUR RESTAURANT ONLINE

Expedite Your Food Service Delivery Sign Up

We’re working with Uber Eats and DoorDash to help get Surrey restaurants online quickly. Food delivery services can allow restaurants to comply with the current provincial orders for food establishments and stay operational during this time. Find out more about how to get your restaurant or café online.

SIGNUP ➡

Register your online business for Surrey Store to Door

The Surrey Store to Door initiative connects Surrey residents with their local business community as a hub for online local shopping. If you own a Surrey business with online sales and delivery, register today to promote your business on SurreyStoreToDoor.ca

SIGNUP ➡

BC Hydro COVID-19 Relief Fund

The COVID-19 Relief Fund allows eligible residential customers who have experienced job loss to receive three months of free credit on their BC Hydro bill based on their average consumption. The fund also allows eligible small businesses that needed to close due to COVID-19 to have up to three months of electricity charges waived.

APPLICATION OPENS APR 13 ➡

WHERE TO START:

We understand that many Canadian business owners and entrepreneurs are anxious about how to get the help you need in the face of COVID-19. Here are a few good places to start:

1. Visit our website for businesses for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves.
2. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help.
3. Download the Canada Business App to find tailored supports to address your needs in the face of COVID-19.
4. Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare you business in the days and weeks to come.

Live updates and information about Canada’s response to COVID-19 here: http://canada.ca/coronavirus

Live updates and information about BC’s response to COVID-19 here: www.gov.bc.ca/covid19

Live updates and information about City of Surrey’s response to COVID-19 here: https://www.surrey.ca/city-government/30805.aspx