COVID-19 EMERGENCY SUPPORT PROGRAMS
Restaurant and retail closures to support the COVID-19 mitigation effort have had an economic impact on our member businesses and their employees. We understand that all levels of government must take necessary precautions for the sake of public health. The SGBIA supports measures that will help to flatten the curve and prevent the spread of COVID-19.
We are currently working with other business organizations to track the economic impact of COVID-19, and are advocating for a recovery strategy that will assist our member businesses as well as the larger business community.
During these times of uncertainty please stay safe and healthy.
Please keep in mind this is a fluid and rapidly changing situation. We will update this page as often as possible.
SUPPORT FOR SMALL BUSINESS
Federal Government Wage Subsidy for small business employees covers up to 75% of wage costs, backdated to March 15.Work-sharing programs to encourage employers to continue employment, have also been increased. (More info HERE)
INTEREST FREE LOAN
The Business Development Bank of Canada is offering new relief measures. Qualified businesses and entrepreneurs can access the Business Credit Availability Program (BCAP)
Federal Government announced the Canada Emergency Business Account, allowing banks to offer $40,000 loans guaranteed by the government to eligible businesses that will be interest-free for the first year. To qualify, these organizations will need to demonstrate that they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 percent (up to $10,000). This program will be launched on Mid-April. Apply HERE
Deferral of GST and HST payments as well as duties and taxes owed on imports until June 30th.
SUPPORT FROM THE GOVERNMENT OF CANADA
- Additional Support for Canadian Businesses from the Economic Impact of COVID-19
- Deferral of Sales Tax Remittance and Customs Duty Payments
- Deferral of Customs Duty and Sales Tax for Importers
- New Loan Programs for Businesses
- Canada Revenue Agency’s Additional Measures for Individuals and Businesses
The Government of Canada has partnered with the Canadian Chamber of Commerce to provide clear information to Canadian businesses via the Canadian Business Resilience Network.
SUPPORT FROM THE PROVINCE OF BC
- Deferred Tax Payments for Businesses
- Delayed PST Budget 2020 Tax Changes
- Delayed Carbon Tax Increase
- Delayed Sales Tax
- Reduced School Tax for Businesses
BC Hydro COVID-19 Relief Fund
If you own a small business that needed to close due to COVID-19, you may be eligible to have your business’ electricity use charges waived for up to three months. The application is not open yet, but we expect it to open the week of April 13. Once it opens, there is no rush to apply. Eligible business customers can apply any time before June 30, 2020 to have their business’ bills waived for April, May and June. Read more.
School Tax Relief for Commercial Property Owners and Tenants
Business and light and major industry property classes will see their school property tax cut in half for the 2020 tax year, providing $500 million in relief for business that own their property and for tenants on triple-net leases. Read more.
SUPPORT FROM THE CITY OF VANCOUVER
Property tax payments are deferred until September 2020. (Learn more HERE)
Parking enforcement is temporarily suspended for:
- Metered parking
- Rush-hour zones
- Residential permit-parking zones
- Parking time limits, including the three-hour parking restriction
The Vancouver Police Department(VPD) has established a VPD liaison officer for the BIA to assist businesses with safety and security issues that may arise.
- Operating Guidelines for businesses during COVID-19
- Changes to Services during COVID-19
- Support resources
- Which businesses are allowed to operate and which aren’t
YOUR BIA IS WORKING TO SUPPORT YOU
Letter from BIABC sent to John Horgan on March 26
Letter from BIABC to Minister Mike Farnworth on March 31
RESOURCE ARTICLES FOR SMALL BUSINESS
- How Your Lease Might be Affected?
- Resources for small businesses impacted by COVID-19
- BC Economic Development Association resources for businesses, economic developers and local leaders impacted by COVID-19
- Greater Vancouver Board of Trade COVID-19 resources
- How COVID-19 Can Affect the Employer-Employee Relationship?
- Financing Options for businesses impacted by COVID-19 (SBBC)
- Changes to Employment Standards Act – see how they impact your business
- VideoTax Explains the Economic Response Plan – don’t have an accountant, here is a summary of some of the important components of the Economic Response Plan
- Canadian Fraud Centre COVID-19-releated Frauds – a list of current frauds using the COVID-19 pandemic as the basis
SUPPORT FOR CANADIAN WORKERS
- Federal Government introduced the Canada Emergency Response Benefit (replacing the previously proposed Emergency Care Benefit and Emergency Support Benefit).
- The Government of Canada will provide $2,000 a month for the next four months to people whose jobs have been impacted by COVID-19 to help with rent, mortgage, and food.
- The Federal Canada Emergency Response Benefit will aid: Canadians who have lost their jobs, are sick, quarantined, or taking care of someone who is ill with COVID-19
- Working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures
- Wage-earners, as well as contract workers and self-employed individuals who are not eligible for Employment Insurance (EI) and have been impacted by COVID-19
- Workers who are still employed, but are not receiving income because of disruptions to their work situation due to COVID-19
- Apply HERE
CANADA CHILD BENEFIT AND GST TAX CREDIT
- Federal Government will support Canadians with a special payment through the Goods and Services Tax (GST) and by increasing the Canada Child Benefit.
- Additional assistance to families with children by temporarily boosting Canada Child Benefit payments by $300 per child for the month of May.
- In early May will provide a one-time special payment through the Goods and Services Tax for low- and modest-income families.
- The average additional benefit will be approximately $400 for individuals and $600 for couples.
EXTENDING TAX FILING DEADLINE
- The Government of Canada will relieve the pressure of tax season by extending the tax filing deadline to June 1, 2020 and allow taxpayers to defer owed amounts until after August 31, 2020.
B.C. EMERGENCY BENEFIT FOR WORKERS
The B.C. Emergency Benefit for Workers will provide a one-time $1,000 payment to people who lost income because of COVID-19.