Women’s Enterprise Centre is focused on supporting women-owned businesses through this crisis so that when it is over you can get back to business as usual. We are keeping our eye on the situation and may provide other offerings in future to address needs as they emerge.

We’re here for you!

We know this situation is fluid, and is changing on a daily basis. We’d like to encourage any of our clients to utilize our complimentary Business Advisory Services if you need an understanding person to talk to about your particular situation.

Please see below for some concessions we’re making for loan clients and some helpful resources for business owners and employers.

We will keep this page updated with the latest information.

Click here to view WEC loan and service updates

Updates

• Updates from the BC Centre for Disease Control
• Wondering which programs to access where? Check out this table of Government Support Programs for Small Business and Where to Access Them, from Viatec
• Apply for Canada Emergency Response Benefit (CERB) with CRA
• The Canada Emergency Wage Subsidy
• Service Canada: Employment and Social Development Canada
• Economic measures to support small businesses: Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses
  
  [Updated March 27 with new measures] Measures the Government of Canada is taking to support businesses include:
  • 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month
    • New details as of March 30: If business revenues have decreased by at least 30%, companies can be eligible for up to a 75% wage subsidy on the first $58,700 (up to $847 a week) per employee, and applies to companies of all sizes as well as non-profit organizations and charities. See more info on the Canada Emergency Wage Subsidy >>
  • Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports.
  • Helping businesses with cash flow by deferring tax payments until August 31st;
  • Increasing credit available to farmers through Farm Credit Canada;
  • Introducing a new Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks for self-employed people who are not eligible for EI sickness benefits.
  • Launching the new Canada Emergency Business Account. This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.
  • Launching the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.
    (Summary from Global Affairs Canada)

Where to Start

(From Global Affairs Canada)

1. Visit this website for businesses for information about supporting your employees and your business. It will be constantly updated as the COVID-19 crisis evolves.
2. Download the Canada Business App to find tailored supports to address your specific needs and questions about COVID-19.
3. Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare you business in the days and weeks to come.
4. Contact your bank. Canada’s banks have made a commitment to support businesses and individuals through these difficult times in a responsible, fair, and compassionate way. To help provide some stability for businesses through this time of uncertainty, the Office of the Superintendent of Financial Institutions (OSFI) is lowering the Domestic Stability Buffer requirement, releasing more than $300 billion of additional lending capacity for Canadian financial institutions.

Resources from Women’s Enterprise Centre

Webinar recordings

• Session recording from March 27, 2020: Women Entrepreneurs: Strength in Numbers
• Webinar recording: Negotiate Naturally: Tips for Women Entrepreneurs
• Free Access: Financial Fitness Webinar Series Recordings

Resources

• Cash Flow Template Excel File
• 7 Ideas to Keep Your Small Business Going During the Pandemic
• Learning Guide downloads now available for $5 each:
  • Creating Your Business Plan Workbook
  • Focused Marketing: Targeted Effort, Tangible Results
  • Financial Understanding for Small Business
  • Financial Management for Small Business

More Resources for Small Businesses

• Resources for BC Small Businesses Affected by Coronavirus, from Small Business BC
• Coronavirus disease (COVID-19): Resources for Canadian businesses, from the Government of Canada
• List of Supports Available for BC Businesses, from BC Economic Development Association
• Business Resiliency Webinar Series, from the Greater Vancouver Board of Trade
• Resources for Entrepreneurs, from Women’s Enterprise Organizations of Canada
• Coronavirus Employer Guide, from Osler
• Emergency Plan for Small Businesses, from PreparedBC
• Coronavirus disease (COVID-19), from Employment and Social Development Canada
• Huey Lee, Partner, KPMG, on Finance: Cash Flow and Working Capital During Challenging Times, from Greater Vancouver Board of Trade
• Current guidance on issuing ROEs and the codes to use, from Service Canada

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