It appears without question at this time that COVID-19 will have profoundly detrimental impacts on the economic fortunes of small and medium-sized businesses in Canada. The uncertain business climate is giving way to a precipitous drop in consumer spending and greenlighting of transactions. Thankfully, there are a large number of relief programs available to businesses. The purpose of this short blog post is to provide a helpful listing of those programs. We recommend that any small or medium-sized business owner keep track of these links and refer to them regularly; the programs offered change very quickly and will continue to change as the economic impacts of COVID-19 are felt.

Canada’s COVID-19 Economic Response Plan

The Government of Canada has announced a large number of initiatives to support businesses. Initiative highlights include income support for workers, deferral of income taxes and instalment payments, wage subsidies, audit suspensions, and capital supports through the Business Development Bank of Canada and Export Development Canada. Another useful Government of Canada link is available here.

COVID-19 Benefits and Services

This is the primary Government of Canada landing page for employment-related matters concerning COVID-19 (such as employment insurance information).

Government of Saskatchewan Financial Supports

The Government of Saskatchewan has announced a number of financial supports including a self-isolation support program, Provincial Sales Tax and crown utility deferrals, student loan repayment moratorium, and changes to provincial employment legislation to facilitate temporary layoffs.

City of Saskatoon COVID-19

This is the primary City of Saskatoon landing page for all municipal initiatives aimed at combatting COVID-19. Notably, it includes information about tax relief concerning utility payments and property taxes.

City of Regina COVID-19

This is the primary City of Regina landing page for all municipal initiatives aimed at combatting COVID-19. Notably, it includes information about tax relief concerning utility payments and property taxes.

Saskatoon Regional Economic Development Authority (SREDA) COVID-19 Support Resource List

This provides an excellent overview of substantially all supports available for individuals and businesses impacted by COVID-19.

Private Bank Relief Programs (links for BMO, TD, RBC, CIBC, and Scotiabank)

Canada’s largest financial institutions are providing various forms of relief to business owners such as deferrals of payments and increases to outstanding loans and lines of credit.

We hope that small and medium-sized businesses will find this list of links a benefit as they navigate this time of great upheaval. We at McKercher remain committed to our small and medium-sized business clients and assisting them in any way we can through this crisis. Should you have any questions or concerns about the programs discussed in this blog post, please do not hesitate to reach out to our Startup and Entrepreneurship Practice Group lawyers.

About the Author:

Joe is a technology, corporate finance, and tax partner with a particular focus on high growth technology companies, tax structuring for private enterprises and professionals, and scaleable corporate law and contract solutions for startups.

About McKercher LLP:

McKercher LLP is one of Saskatchewan's largest, most established law firms, with offices in Saskatoon and Regina. Our deep roots and client-first philosophy have helped our firm to rank in the top 5 in Saskatchewan by Canadian Lawyer magazine (2019/20). Integrity, experience, and capacity provide innovative solutions for our clients' diverse legal issues and complex business transactions.

This post is for information purposes only and should not be taken as legal opinions on any specific facts or circumstances.  Counsel should be consulted concerning your own situation and any specific legal questions you may have.

For more information and resources regarding COVID-19 visit www.mckercher.ca/covid-19