COVID-19 Update

To Our Valued Clients,

As you are all well aware, we are collectively navigating through some challenging times amidst the Coronavirus (COVID-19) pandemic. Above all else, we hope that you and your loved ones are safe and healthy. We have compiled the following links to help you navigate through some of the resources that are available to you during this time of crisis. 

Support from the Government of Canada:

Small Business Loan

◦ Low-interest loans up to $100,000 if your business has been generating revenues for at least 24 months by the BDC. To find out eligibility for the loan, please click here. Additional updates on BDC news can be found here.

Working Capital Loan:

◦ This loan may be available to your network and would allow a small business to gain a line of credit for operational needs. 

Purchase order financing

◦ Cover up to 90% of the purchase order amount to ease cash flow to your suppliers.

Deferring of Income Tax:

◦ Allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.

Helping businesses keep their employees:

◦ The Federal government is providing temporary wage subsidies for a period of 3 months. 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. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.

You can find additional information at the following link: https://www.canada.ca/en/department-finance/economic-response-plan.html#business 

Support from the US Government:

Deferring of Income Tax:

◦ SMEs will be eligible for a three-month tax payment extension. Additional information on IRS adjustments for the next tax filing season can be found here.

Small Business Administration Economic Injury Disaster Loans

◦ The U.S. Small Business Administration is offering low-interest loans up to $2 million for states impacted by COVID-19. Interest rates are 3.75% for small businesses and 2.75% for non-profits with long-term repayments up to 30 years. To track eligible states and time periods for loan offerings, please click here. The SBA also created a lender matcher tool that connects SMBs to participating lenders within 48 hours which is available here.

NYC Small Business Services Grants and Zero-Interest Loans

◦ Businesses with fewer than 100 employers and have seen sales decrease by 25% (or more) are eligible for zero-interest loans up to $75,000 for businesses. 40% of payroll costs covered for businesses with less than 5 employees for two months.

Support from Financial Services and Additional Grants:

Facebook Small Business Grants Program:

◦ Offering $100 million in cash grants and ad credits for 30,000 eligible small businesses. Applications will be available in the coming weeks. Please see the link above to sign up for more updates and information.

Big 6 Canadian Banks (TD, BMO, CIBC, ScotiaBank, RBC, National Bank):

◦ Offering various financial relief programs for clients impacted by COVID-19 including potential deferral of payments on mortgages (up to six months), deferral of payments on loans and credit cards, and more. Please click on the corresponding bank to see additional information provided by the banks.

Information on Technology Resources (Free/Discounted):

Google – Support team meetings and strengthen company culture

◦ All G Suite members will have free access to advanced Hangouts Meet video-conferencing capabilities and additional features that expand participants per call, live streaming, and provide the ability to record meetings and save them on Google Drive. Storage includes 10 GB of team file storage and 2 GB of personal file storage per user. These features are typically available to G Suite Enterprise and will be available at no additional cost to all customers until July 1, 2020. 

Microsoft – Mitigate against potential workflow issues

◦ Microsoft is offering the premium version of Teams for six months and has lifted existing user limits on its free version.

1Password – Secure passwords and enhance cybersecurity

◦ 1Password Business is removing the 30-day trial period and now companies can sign up and get the first 6 months free.

Scholastic – Help promote work-family balance

◦ Scholastic is offering a free digital learning hub and open access to daily learning journeys.

Zoom – Organize computer and phone calls

◦ The Zoom basic plan allows you to host up to 100 participants in one meeting and unlimited one-on-one meetings. Be warned, you can only have a 40 minute time limit on calls with three people or more.

Maple.ca (Applicable to Ontario Only) – Provide employees with the benefit of remote care

Maple.ca is providing covered online COVID-19 screenings to all Ontario residents with a valid OHIP card. The platform is also offering all Ontario and BC doctors access free of charge during this outbreak.

For health information about COVID-19 updates and government actions in Canada and the US, please visit:

Canada: https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html 

US: https://www.cdc.gov/coronavirus/2019-ncov/cases-in-us.html 

Stay safe and we will get through this together,

Your BenefitDeck Team

Leave a Reply

Your email address will not be published. Required fields are marked *

Ready To Start?

Whether you are with a business, association, or owner operator, we have the solution for your needs.