A Message from The Answer Company

As a business owner/leader, you’ve probably had to weather storms before. That being said, the novel coronavirus pandemic is unlike anything most have experienced before. It is not a minor inconvenience for individuals and companies; it’s a watershed moment for our global community. What is most important right now is people – your safety, your wellness, your courage and your kindness. 

Now more than ever, keeping your organization going during hard times can seem like an insurmountable task. Here at The Answer Company, we are here for you and ready to support you, your employees and your business during these unprecedented times. 

Below you will find resources to help your business successfully transition through this unprecedented time. Check back often, as we will continue to update as new resources become available. 

 

We’d especially like to highlight Sage Canada’s interactive tool that can show you exactly what aid they qualify for.

Avoiding layoffs and rehiring Employees

The present COVID-19 crisis has raised significant and unforeseen hurdles for virtually all businesses around the world. Businesses that have operated successfully for decades are now looking at the prospect of taking extreme steps – like layoffs – or face the growing possibility of their doors closing forever. As decisions about layoffs and separations are being made, it is critical to ensure that your organization has the information and tools it needs to handle this situation effectively. Below, we’ve gathered information about financial aid that can help you keep the lights on as we progress through this situation.

This resource hub is curated specifically to help small- and medium-sized businesses navigate the present uncertainty. The CFIB updates this regularly. This new fund covers 75% of an employee’s wages (max. of $847 per week) for employers of all sizes, across all sectors, who have suffered a drop in gross revenues of at least 15% in March and 30% in April and May. This program can help you avoid layoffs even as business dips. It provides income support to employees that meet requirements for Employment Insurance whose weekly hours have been decreased as a result of COVID. Changes to the Canada Summer Jobs program will see a wage subsidy to 100% of the provincial/territorial minimum hourly wage for youth between 15 and 30. It is estimated it could create and fund 70,000 jobs.

 

Financial Support for SMEs

These loans are Government-funded and interest-free for the first year and is provided through financial institutions. Applications opened 9 April 2020. This loan allows up to $100,000 for investment in hardware, software, infrastructure and advisory services about technology upgrades and solutions. This resource drills down into the provincial supports and funds that are available to businesses working there. Spearheaded by Export Development Canada and the Business Development Bank of Canada, this program makes $65bn available. EDC will guarantee 80% of lending under this program.

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