Dear Saanich Peninsula Chamber of Commerce member,
In the last two days, BC Chamber of Commerce has received over 2300 responses to the chamber network’s COVID-19 Business Impacts Survey
on BCMindReader.com. (survey closes on March 18)
Above all else, businesses are asking government for three things:
- To work with banks and lending institutions to offer zero-interest loans, loan guarantees, or lines of credit
- To be more flexible around timelines for tax remittances
- To enhance EI access or wage replacement for employees
Over the weekend the feedback was taken to government. They are working to remove red tape and get cash flowing to the business community.
In the meantime, some immediate measures have been announced to assist with your liquidity, operational concerns, and business continuity plans.
Here is a sample of what you’ll find there:
- BC Hydro: The COVID-19 Customer Assistance Program provides the option to defer bill payments or arrange for flexible payment plans with no penalty. Call BC Hydro’s customer team at 1 800 BCHYDRO (1 800 224 9376) to discuss options.
- CMHC is working to address mortgage payment difficulties. They’ve said on twitter that they are collaborating with lenders to allow payment deferral of up to six months.
- Export Development Canada (EDC). In partnership with the federal government and Canadian banks, EDC will ensure customers impacted by COVID-19 have access to credit.
- Business Development Bank of Canada (BDC) has resources available including:
- Small Business Loan: Up to $100,000 can be obtained online in as little 48 hours from time of approval.
- Working capital loan: Get extra funds to bridge cash flow gaps and support everyday operations.
- Purchase Order Financing: Increase your cash flow to fulfill domestic or international orders with very flexible terms.
We are here to support you and will continue to share information as it becomes available.