GOVERNMENT RESOURCES UPDATE
Apr 24, 2020
This News Week Bulletin brings you the latest resources and funding information for your business. The information was originally compiled by NMMA Canada who is staying on top of the government’s changes and has highlighted all the pieces relevant to Canada’s marine business sector. They are actively engaging with MPPs, MLAs and government staff, speaking up on behalf of our industry as we approach boating season.
NMMA Canada will be reaching out to provincial governments which consider marinas and dealers ‘non-essential’ to advocate for treating our industry the same way as automotive and motorcycle dealers, many of whom are continuing by offering curbside pickup and touchless transactions.
NMMA Canada is also working with their Canadian Outdoor Recreation Roundtable colleagues to communicate to federal and provincial governments about the importance of supporting the outdoor industry in the coming months. The outdoor recreation industry collectively produces an estimated $24.6 billion in economic activity for Canada each year, and governments need to recognize the vital contribution this sector makes to our local communities.
Here are the latest significant developments:
Federal government broadens criteria for Canada Emergency Business Account; announces date for Wage Subsidy applications
The Canada Emergency Business Account (CEBA) provides interest-free loans up to $40,000 to help small businesses and non-profits cover their operating costs during the pandemic. This week, the federal government announced they are broadening the payroll eligibility thresholds for the program. Qualifying employers will now need to show they paid between $20,000 and $1.5 million in total payroll in 2019 (the previous limits were $50,000 and $1 million respectively). Business owners can apply for the CEBA through their banks and credit unions.
The Prime Minister also announced that the application window for the Canada Emergency Wage Subsidy (CEWS) will open on Monday, April 27th. Businesses will be able to apply through CRA My Business Account or a separate online application form. CRA has also created a calculator that allows an employer to figure out their subsidy amount. Before using the calculator, please ensure you have updated payroll data on hand for each of your employees (including the amount of EI premiums and CPP contributions you have paid on their behalf).
Once the CEWS application window is open, NMMA Canada will review the application process and share added guidance in future bulletins.
Federal government working with provinces on commercial rent assistance program
This week, the federal government announced it is working with the provinces and territories to introduce a Canada Emergency Commercial Rent Assistance program for small businesses. The program will consist of loans (including forgivable loans) to commercial property owners to enable them to lower or waive rent for small businesses in April, May, and June. NMMA Canada will share more details once they are available.
Industry Canada online tool helps businesses identify COVID-19 funding and supports
Industry Canada has updated its business support finder to include COVID-19 related programs. Using this tool, an employer answers a few questions about their business, the type of help they are looking for, and then the website pulls together an easy-to-read list of relevant programs and services. We encourage you to check out the tool today:innovation.canada.ca.
New NMMA Canada webpage tracks restrictions and closures across the country
NMMA is maintaining an evergreen list of restrictions and closures across Canada that pertain to the recreational boating sector, which you can find here. If you come across any errors or have new information to add, please contact Jim Wielgosz at jwielgosz@nmma.org .
This is a frustrating and stressful time for employers, and NMMA Canada is here to help. If you are unsure about a government program, or have a concern you would like NMMA to raise on your behalf, please do not hesitate to reach out to Sara Anghel sanghel@nmma.org or Jim Wielgosz jwielgosz@nmma.org .
