Government Updates
Middlesex London Health Unit updates
City of London updates
Province has mandated closure of all "non essential" businesses - article includes list of businesses that may remain open
Live updates and information about Canada’s response to COVID-19
members - how You Can help:
HMMS (Healthcare Material Management Services) is the main distributor for pandemic response of logistics and inventory for the Southwest Region of Ontario. They are in need of additional warehouse space for pandemic supplies Click here for details.
The Government of Ontario announced a new website to help businesses work with the province to meet the challenges of COVID-19. Any business that could produce – or reconfigure to produce – essential equipment, from ventilators and masks to swabs and eye-protection, is encouraged to visit the Ontario Together webpage.
Financial Supports
Financial Incentives:
Next Generation Manufacturing Canada investing $50 million for companies that can help manufacture critical supplies
Financial Relief:
Federal support for business
Provincial support for business
Financial relief from Canada's six largest banks - click here to learn more.
C$10 billion will be available to SMEs through the Business Development Bank (BDC).
Chamber Member and Community Partner Led Complimentary Offerings
Work from Home Assistance:
Consys Group - 1 free remote access to chamber members, 1 free hour of IT remote support, Free dark web monitoring scan of your business domain due to increased phishing scams happening. Free IT consulting
Dagi - One month free connection to work from home with free set-up
ManagePoint - Free IT consulting via email or teleconference
tbk Free Consulting for month of March to move workers online.
Techdoz - Free Cybersecurity Resources
Western IT Group - Free Consulting for VOIP and remote access service.
Free Business Services:
AdHome Creative - Free Advertising and Marketing Counsel for Businesses of Any Size
Online Learning You Can Do From Home:
The Achievement Centre - Free Access to Online Learning (Leadership and Sales)
Webinars:
Upcoming Webinars:
The Ivey Academy - Apr. 2 - Strategies for Leadership in an Uncertain Future
Past Webinars
Ahria Consulting
March 24 - Making the Most of Working From Home
March 26 - Supporting Employee Transition
BDC
BDC - March 25 - How to Cope with the Impacts of COVID-19 on your business
The Ivey Academy
March 26 - Leading Through Crisis
Podcasts:
KPMG - COVID-19 Trends and Challenges of Business Continuity and Cyber Security
Helpful Articles:
BBB: BBB Scam Alert! Afraid of Getting Sick? Don't Fall for a Coronavirus Con
BBB: Alert on Coronavirus Price Gouging
BBB: Tips for Supporting Small Business During Coronavirus Outbreak
Harrison Pensa: COVID-19 and Bill 186 - What you Need to Know
Harrison Pensa: Digital Hygiene and COVID-19
TechAlliance: Resources for Your Business in the Midst of COVID-19
*If you are a Chamber member who is offering free services specific to the COVID-19 crisis and would like to have them included on this page, please email the details and a link to Kristen@londonchamber.com
General Business Planning
OCC Pandemic Preparedness Kit
CCC Pandemic Preparedness Resources
Support to Businesses
- Overview of the Ontario and Federal Government's financial support for businesses
- If your tourism agency or small-to-medium sized business is affected by COVID-19, Canada's Regional Development Agencies can help you keep your business running
- The Government of Canada has launched a COVID-19 Economic Response Plan. Discover support being offered to businesses
- The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada and Export Development Canada to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
- The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020
- A number of measures to help businesses support their employees have also been announced. The one-week waiting period for Employment Insurance (EI) sickness benefits has been waived and new enhancements to the Work-Sharing Program have been introduced. Additionally, an Emergency Support Benefit will be introduced for workers facing unemployment who are not eligible for EI
- Canada's six biggest banks will provide financial relief to Canadians impacted by the economic consequences of COVID-19
- Farm Credit Canada will receive support from the Government of Canada that will allow for an additional $5 billion in lending capacity to producers, agribusinesses, and food processors
Helping Businesses Keep their Workers
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 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately 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.
Flexibility for Businesses Filing Taxes
The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
The Canada Revenue Agency will not contact any small or medium (SME) businesses to initiate any post assessment GST/HST or Income Tax audits for the next four weeks. For the vast majority of businesses, the Canada Revenue Agency will temporarily suspend audit interaction with taxpayers and representatives.
The Liaison Officer service offers help to owners of small businesses to understand their tax obligations. Traditionally available in-person, this service is now available over the phone and will be customizing information during these challenging times by ensuring small businesses are aware of any changes such as filing and payment deadlines, proactive relief measures, etc.
Ensuring Businesses Have Access to Credit
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses. This will be an effective tool for helping viable Canadian businesses remain resilient during these very uncertain times. 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. The near term credit available to farmers and the agri-food sector will also be increased through Farm Credit Canada.
The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets, effective immediately. This action will allow Canada’s large banks to inject $300 billion of additional lending in to the economy.
The Bank of Canada also took a series of actions to support the Canadian economy during this period of economic stress, enhance the resilience of the Canadian financial system, and help ensure that financial institutions can continue to extend credit to both households and businesses. This included cutting the interest rate to 0.75% as a proactive measure in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices.
Supporting Financial Market Liquidity
As a further proactive and coordinated measure to bolster the financial system and the Canadian economy, the government announced on March 16 that it is launching an Insured Mortgage Purchase Program (IMPP). Under this program, the government will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC). This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market. Details of the terms of the purchase operations will be provided to lenders by CMHC later this week.
The IMPP enhances the already substantial set of measures announced on March 13 to support the economy and the financial system. CMHC stands ready to further support liquidity and the stability of the financial markets through its mortgage funding programs as necessary.
Further, the Bank of Canada has announced that it will adjust its market liquidity operations to maintain market functioning and credit availability during the current period of uncertainty in which conditions are evolving rapidly.
The Bank of Canada also announced that it will broaden eligible collateral for its term repo facility to include the full range of collateral eligible under the Standing Liquidity Facility, with the exception of the non-mortgage loan portfolio. This expansion of eligible collateral will provide support to funding conditions for financial institutions by providing a backstop to regular private funding.
The Bank also announced that it stands ready, as a proactive measure, to provide support to the Canada Mortgage Bond (CMB) market so that this important funding market continues to function well. This would include, as required, purchases of CMBs in the secondary market. Similar to the increase in Government of Canada bond buybacks, this will support market liquidity and price discovery.
