Adapting to a new normal
To help everyone adapt to the new normal and assist with business continuity amid the COVID-19 pandemic, we’ve put together this page of resources, tips and links. We will do our best to keep this information up to date as the situation evolves.
While we may not be in the office at Innovation Factory, we want you to know that we’re all still here – for each other and for you! And we’ve got plenty of work to do to continue to help you start, grow and succeed! COVID-19 has brought many changes to the way we all do things, but the “how” we help is really only slightly altered. Reach out to your Client Service Manager with any questions!
Check out our Events Page for all things virtual! We are continuously adding Webinars that we think are useful for businesses at this time.
If you have any comments, concerns or suggestions for additions to this page, please feel free to contact Jennifer Gauvreau, Marketing Manager, at [email protected]
on-demand sessions/webinars to help you navigate covid-19
Planning for Recovery: How to Restart Your Business in the Wake of COVID-19 by BDC – To access the On-Demand Recording Click Here. Download the 13-week cash flow projection tool and the Monthly cash flow management tool here.
It’s the End of the World…What Happens Next? Leadership in Troubled Times – To learn about the session Click Here. To access the On-Demand Recording Click Here. To view the presentation deck Click Here.
“One in a Million” – How Growing Companies Guard Against Unexpected Events – To learn about this session Click Here. Click Here to submit your questions for the Lawrie Insurance Group to our team.
Government support for businesses
Call BDC (1-877-232-2269) and your bank ASAP if you expect to encounter COVID-19-related cash-flow challenges.
- Access to capital and other liquidity support measures
- Measures to avoid or minimize the impact from layoffs
- Provincial/ Territorial Measures
- Resources and Additional Information
*NEW* Government provides further flexibility for employers to access the Canada Emergency Wage Subsidy – click here
A full rundown of federal government supports can be found here, but here’s a quick(ish) overview for business:
- help small- and medium-sized businesses hold on to their employees, the federal government is providing a temporary wage subsidy equal to 75%. The wage subsidy is retroactive to March 15th. Businesses can re-hire recently let-go workers and place them on subsidized wages. The government will release more details (e.g. eligibility, duration, maximum amount) on the temporary wage subsidy on March 27th.
- To help businesses avoid lay-offs, the federal government is also enhancing the Work-Sharing Program. The program works this way: instead of being laid-off, multiple workers’ hours and pay are reduced, with the federal government making up the shortfall in the workers’ income.
- More credit is available to Canadian businesses through the new Business Credit Availability Program (BCAP). You can access the BCAP via BDC or EDC.
- Through the Canada Emergency Business Account, banks will soon offer $40,000 loans, guaranteed by the government and interest-free for the first year, to small businesses. If recipients meet certain conditions, $10,000 will be forgivable. The government will release more details in the coming days.
- More generally, the federal government is providing additional liquidity to Canadian banks. In return, the banks have committed to working with companies to help them get through COVID-19. Talk to your bank if you haven’t already done so.
- Businesses can defer, until after August 31st, the payment of any income tax amounts that become owing on or after March 19th and before September. In addition, GST/HST payments, as well as duties & taxes owed on imports, are deferred until June.
- In Ontario, the provincial government is helping businesses with cash flow through a number of measures: payment of most provincial taxes is deferred for 5 months without penalty or interest; Workplace Safety and Insurance Board (WSIB) payments are deferred for 6 months; municipalities will be providing property tax relief; and most businesses are not required to pay the Employer Health Tax.
It is also vital for Canadian businesses to have contingency plans in place to manage potential financial risk. The Canadian Chamber of Commerce has developed a comprehensive preparedness guide for businesses in the face of COVID-19.
The Canadian Federation of Independent Business is also providing information to help businesses through these difficult times.
REsources from our partner bdo
- Technology & Life Sciences Webinar: Cash Flow Strategy and Government Relief amid COVID-19 – Click Here to Watch the Webinar
- ACCESS TO CAPITAL THROUGH THE COVID-19 CRISIS
- COVID-19 BUSINESS CONTINUITY PLANNING IN FIVE STEPS
- 3 THINGS YOU NEED TO KNOW IF A CONTRACT IS BREACHED BECAUSE OF COVID-19
- HOW TO EFFECTIVELY MANAGE YOUR COVID-19 RISKS
COVID-19: Business support info and tech community resources
Financial Resources + Information:
- Active Funders in Canada (HockeyStick)
- Advanced Manufacturing Supercluster Launches Funding Program to help scale response to COVID-19 (nGen)
- Follow the money – How local firms can access help (Communitech News)
- Support for entrepreneurs impacted by the coronavirus COVID-19 (BDC)
- Canada’s COVID-19 Economic Response Plan (GOV)
- Navigating Volatility in the General Economy in Growth Stage Technology Businesses
- Frequently Asked Questions – Temporary Wage Subsidy for Employers (GOV)
- 5 Ways to Help You Communicate Effectively This Week (Conway Fraser)
- Template: COVID-19 communication to employees (MaRS)
- Checklist: Senior management steps to handle COVID-19 (MaRS)
General Business Resources
- COVID-19 Info Centre (Communitech)
- COVID-19 Collection of Resources (MaRS)
- Pandemic Preparedness for Business (Canadian Chamber of Commerce)
- Resources & Tools To Help You Manage Your Business Through COVID-19 (Upside Foundation)
- Don’t Let Travel Restrictions Keep You from Your Destination (Powernoodle)
call for Innovative solutions!
- The Government will launch specific challenges through the Innovative Solutions Canada (ISC) program and will rapidly select the best projects to accelerate development and testing of promising innovations that can have a direct impact on our health care response. The Government of Canada will also use the new ISC Testing Stream to become the first customer of these innovative products.
- The National Research Council of Canada (NRC) will organize an NRC COVID-19 Challenge Program, composed of teams of government, academic and private sector partners to address a range of medium term PHAC and HC needs, including personal protective equipment, sanitization, diagnostic and testing, therapeutics, and disease tracking technology. The most promising solutions will be selected for procurement, working with Innovative Solutions Canada.
- Are you a maker? Visit makermilitia.ca
Working from home and keeping things running
Like us, we’re sure a lot of you are looking for tips, tricks and best practices on how to keep as close to “business-as-usual” as possible in the weeks to come. Like you, we’re still figuring it out. See some information below that we thought was worth sharing:
- Tips for Working Remotely From People Who Do it All the Time (Thanks Vidyard!)
- 5 Ways to Help You Communicate Effectively This Week
- What It Takes to Run a Great Virtual Meeting
- Help! I’ve got kids, what do I do? Tips for parents working from home
- 10 G Suite tips to work with remote teams
- Stay Connected During COVID-19 with Free Video Tools
- The Virus Survival Strategy For Your Startup
- Active Funders in Canada
- Resources to help your small business manage through uncertainty
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