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Minister Ng announces hotline to provide small businesses in need with financial planning advice amid COVID-19
From: Innovation, Science and Economic Development Canada
News release
May 25, 2020 – Ottawa, Ontario
Small businesses have been facing unprecedented challenges during the COVID-19 pandemic and will continue to do so as they take steps toward reopening. To help them get through this crisis, the Government of Canada has introduced a wide range of supports to help businesses retain their employees, keep their costs low and pay their operating expenses.
The smallest businesses may face the additional challenge of accessing tailored financial planning advice to help them survive this difficult period.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced that the Government of Canada will support the launch of a four-week hotline service called the Business Resilience Service. This service will help entrepreneurs and small business owners in need of financial planning advice, particularly those who may not have access to an accountant. The service will also be open to not-for-profit organizations and charities.
The hotline is a national, bilingual service operated by the Canadian Chamber of Commerce. As of today, small business owners with pressing financial needs can call 1-866-989-1080 (toll-free) seven days a week, from 8 a.m. to 8 p.m. (ET).
Business advisors—125 members of Chartered Professional Accountants Canada (CPA Canada)—will be available to provide customized financial guidance to the smallest business owners in the most urgent need and help them make the best decisions for their business as they navigate this crisis. Advisors can answer questions about tax regulations and the implications of COVID-19, inform business owners about government support programs that best fit their unique circumstances, and provide strategic financial planning for their road to recovery.
Every step of the way through this crisis, the government will continue to support Canadian business owners and entrepreneurs—especially vulnerable businesses in dire need of help.
Quotes
“We understand the incredible difficulties all business owners are facing during these challenging and uncertain times. That is why our government has rolled out the largest relief effort in Canadian history to give direct support to the businesses that need it. We want to ensure they can weather this period and bounce back once we’re on the other side of this. The Business Resilience Service will help the smallest businesses in pressing need of finance planning advice as they weather this pandemic and plan for their recovery.”
– The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
“This program is about business helping business. CPAs speak the language of business. They understand the financial pressures on small to medium-sized businesses, not-for-profits and charities and are uniquely qualified to help them navigate federal and regional support programs and help their organizations survive the economic impacts of COVID-19. Canada’s accounting and advisory firms are mirroring Canadians everywhere by offering to help their neighbours. It’s what makes Canada great, and it’s how we’ll get through this together.”
– The Honourable Perrin Beatty, President and CEO, Canadian Chamber of Commerce
Quick facts
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The Government of Canada is investing $3 million in the Business Resilience Service, a four-week trial project. It may be extended in the coming weeks depending on the demand and the progress made in the fight against COVID-19.
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As of December 2017, there were 1.18 million employer businesses in Canada. Of these, 1.15 million (97.9%) were small, 21,926 (1.9%) were medium-sized and 2,939 (0.2%) were large businesses.
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To support Canadians and Canadian businesses as we fight COVID-19, the Government of Canada introduced the largest relief package in our country’s history. This includes major programs such as:
- the Canada Emergency Business Account (CEBA), which is providing businesses with a $40,000 interest-free loan, through participating Canadian financial institutions. If the loan is repaid by December 31, 2022, up to $10,000 will be forgiven.
- the Canada Emergency Wage Subsidy (CEWS), which is helping businesses by covering up to 75% of payroll, retroactive to March 15 and continuing through to the end of August.
- the Canada Emergency Commercial Rent Assistance (CECRA), which is helping businesses forced to close by supporting landlords to cover 75% of commercial rents for April, May and June.
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In addition to broad support programs, we have also introduced targeted measures to help artists and athletes, innovative and high-growth businesses, Indigenous-owned businesses, women entrepreneurs, farmers and agri-food businesses, and more. Find out more: COVID-19 Economic Response Plan.
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