With the uncertainty surrounding COVID-19, we know many small businesses are worried about their bottom line.
The Prime Minister announced financial aid for families as well as small businesses this week. We’ll add links to the specifics once they are announced.
If you know of any government (federal/provincial/municipal) mandated support, please let us know.
Edited: Monday March 16:
Credit Availability for Small Business
Over the weekend, Ottawa announced extensive credit availability for business – this will help with inventory, staffing crunches, or other unexpected expenses.
Furthermore, the Prime Minister has announced further funding for small business to be announced Tuesday
Long-Term Planning – WorkSharing Agreement
If your business has a demand-cycle that lags, you may want to take this time to prepare for a expected slowdown.
In a sentence: If you expect to have less work for your employees in the future, but want to avoid layoffs, apply for this WorkSharing agreement with the Government of Canada:
This second link is a complete write-up of how this process works.
You may want to consider this if:
- You have several employees that work on the same tasks, and expect a work shortage.
- You would like a formal agreement with them to share all remaining work equitably.