We are living through extraordinary times. Circumstances around us are shifting by the hour and the day locally and globally; new measures are being announced by government at all levels, individuals and organizations continue to try to adapt and adjust to the changes and challenges they face, and additional resources and supports are being deployed in order to aid individuals and the economy through this incredibly challenging time.
Much like other partners and colleagues in impact investing and social enterprise and beyond, SVX has begun to develop our own response to COVID-19 both for our organization and the ecosystem. And we are not doing it alone. As we navigate through this unique time with care and caution, we recognize that there are resources that may assist organizations seeking to manage or respond to the current crisis. As such, we have compiled a short list of financial and non-financial resources below that foundations, non-profits, charities, social enterprises, SMEs, and entrepreneurs may find helpful.
Government of Canada
The Government of Canada (GoC) has established a Business Credit Availability Program (BCAP) to provide more than $65 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism. As a first step, businesses in need of credit support should contact their financial institution.
To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 75% of remuneration paid during that period, for the first $58,700 of salary. Businesses will be able to benefit from this support by reducing their remittances of income tax withheld on/ their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.
Farm Credit Canada
Export Development Canada (EDC)
Credit Counselling Society
COVID19 Capital Relief Dashboard (Global)
Save Small Business Petition
Imagine Canada Letter to the Prime Minister
Canadian Federation of Independent Business
Community Foundations of Canada
MaRS Discovery District
McKinsey & Company
Ontario Chamber of Commerce
World Health Organization
Ontario Nonprofit Network (ONN)
Please leave any additional resources that others may find helpful in the comments below. Wishing you healthy and safe days ahead.