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.
Financial Supports
Government of Canada
$65B Business Credit Availability Program
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.
Wage subsidies for small businesses, nonprofits and charities
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.
Extending Work-Sharing program
Farm Credit Canada
Increased credit available to farmers and the agri-food sector
Export Development Canada (EDC)
Purchase order financing, up to 90% of purchase order amount
Credit Counselling Society
Free Credit Counselling, Budgeting Help & Debt Consolidation Options
COVID19 Capital Relief Dashboard (Global)
Advocacy Efforts
Save Small Business Petition
Imagine Canada Letter to the Prime Minister
Request for a $8 Billion Emergency Fund
Other Resources
Canadian Federation of Independent Business
How to keep your business safe during COVID-19: Small Business Help Centre
Community Foundations of Canada
How to deal with COVID-19 as a Community Foundation
Granted Consulting
Impact on Canadian Government Grants and Funding: COVID19
Imagine Canada
Managing through and building resilience during the outbreak
MaRS Discovery District
How to manage investments during uncertain times
Webinar: How to adjust your growth strategy during COVID-19
Comprehensive resource list on implications of COVID-19 on business and the economy
MaRS’ Knowledge Hub: COVID-19 Collection
McKinsey & Company
COVID-19: Briefing Materials Package
Ontario Chamber of Commerce
Shopify
COVID-19 response and resources
World Health Organization
Getting your workplace ready for COVID-19
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.
