INTRODUCTION
We are all facing challenging times right now, and here at Scan Consulting Group we want to help alleviate some of your stress. Below, you will find a free guide full of tips that we developed to help you and your small business succeed during this time.
STAY INFORMED
- Keep up to date with the legal and informative changes that are being made
- Follow health and safety guideline that are in place. The safety of you, your family, your staff, your customers and community is important.
- You can also face penalties if you do not adhere to the guidelines and requirements
- Follow us on Facebook to follow recent COVID-19 updates from the CRA (https://www.facebook.com/ScanGroupCanada/)
PLAN AHEAD
- Forecast your revenues and expenditures for the upcoming 3-6 months. Also consider preparing a detailed cash flow plan for the same period. This will help you in addressing unseen financial shortages.
- Focus on necessities and conservative spending. This virus is constantly changing, so prepare for your business to adapt to new business practices.
- Utilize the government financial relief programs only on essential business activities.
COMMUNICATE
- Maintain honest and open communication
- Keep connected with customers & suppliers
- Learn about their situation to develop a mutually beneficial agreement
- Arrange a payment plan with suppliers and clients where required
- Keep those important to your business in the loop
OFFER SUPPORT
- Check in to see how employees are feeling and what support they require
- Have an open workplace environment. Offer your employees to work remotely, if possible.
- Every situation is different, so try to do what you can for your employees. If you have the means, try to keep them employed. See if you qualify for the Canada Emergency Wage Subsidy that can help you reduce employment costs.
CONTACT US
We know that small businesses are struggling, and we have the knowledge to help make it easier on you. We are offering complimentary consulting sessions to help navigate through your unique situation. We are here to help!
UTILIZE RELIEF
- A wide range of financial support is available from the Government of Canada as a relief to individuals and small businesses.
- Government programs for small businesses include:
- Canada Emergency Commercial Rent Assistance (CECRA)
- This program provides unsecured, forgivable loans to commercial property owners that will in turn support small businesses when paying their rent.
- Canadian Emergency Business Account (CEBA)
- This is a loan program that offers interest-free loans of up to $40,000 to Canadian small businesses and not-for-profits. The loan can be used to pay for any non deferrable operational expenses (such as rent, utilities, salaries), as well as servicing of existing debt.
- Business Credit Availability Program (BCAP)
- The BCAP encourages your current financial institution to provide lines of credit or term loans to your business by guaranteeing 80% of them. You can receive 6-12 months of principal payment deferrals on 6.25m for operating costs or 12.5m for cashflow needs.
- Canada Emergency Wage Subsidy (CEWS)
- This is a subsidy for Canadian employers who have faced negative impacts from COVID-19. Ideally this will help employers retain their employees, re-hire workers that were laid off due to COVID-19, and to provide support now that will aid in long term continuing operations.As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75%
- Canada Emergency Commercial Rent Assistance (CECRA)
- Additional Programs can be found here
- We can guide you in confirming your eligibility and assist you with your application. The sooner you apply, the sooner you will receive support. We have an easy to use COVID-19 eligibility tool that can be found here to help you understand what financial support and grants you may be eligible for.