COVID-19 pandemic has created a worldwide economic crisis. Entrepreneurs in Canada have started experiencing the pressure that comes along with it as well. However, they should not give up too soon and let their businesses fall to the ground. Instead, they need to seek assistance from available opportunities to keep their businesses up and to run.
Here are some of the methods that Canadian entrepreneurs will be able to follow to boost their businesses during the COVID-19 crisis.
- Financial relief for businesses
Entrepreneurs who have obtained loans to build their businesses will be able to get some support during challenging times. All the business owners can now experience a widespread interest and penalty relief period. This period starts on the 1st of April 2020 and is scheduled to end on the 1st of October, 2020. Business owners have got the opportunity to refrain from experiencing penalties with their later or incomplete tax filed returns.
- Lazaridis ScaleUp accelerator for business startups
Aspiring startups in Canada are not having the best time due to an unstable economy. To provide support and assistance to those business startups, the Lazaridis ScaleUp National Startup Accelerator program has started. This is no equity and no fees accelerator, which is designed to provide all the support needed by the highest potential business startups that exist in Canada. Entrepreneurs will be able to take part in this accelerate and increase growth rate effectively. Along with that, they will be able to receive all the support needed to become global business leaders.
The workshops held along with Lazaridis ScaleUp accelerator program cover numerous aspects that can contribute towards the successful growth of business startups. They include product development, leadership, finance, people management, sales, and marketing. However, it is essential to note that a business startup that wants to get the most out of this opportunity should be equipped with a killer idea. That’s because it is open only for just ten business startups.
- Mitacs offers funds for SMEs
Mitacs is currently engaged in an initiative, where they offer financial support for the struggling SMEs based in Canada. Any SME will be able to obtain these funds and proceed with their innovation and R&D projects. Most of the small scale businesses in Canada are currently dealing with drops in their revenues due to changes in the market. As a result, those businesses are forced to stop funding on innovation and R&D projects. Mitacs will make sure that it will not happen. They will keep on financing and delivering financial assistance for the startups that need them.
- CERB providing protection to the employees
Many companies around Canada have found it a difficult task to retain their labor force due to the sudden drops in revenue. As a result, thousands of people in the country lost their jobs. CERB, which is also known as the Canada Emergency Response Benefit, has come forward to deliver support and assistance to those people who lost their jobs.
CERB has now started offering employee insurance or sickness benefits to the people who lost their jobs. They started it by providing coverage for a duration of 8-weeks. However, now it has been extended up to 16 to 24 weeks. This can help the employees who lost their jobs to remain healthy, until things get back to normal.
- CEBA offering interest-free loans to the businesses
If the coronavirus pandemic profoundly impacts your business, and if you are running without payroll, you are now provided with the opportunity to go ahead and obtain an interest-free loan. The maximum amount you can receive out of this loan would be $40,000. Two hundred thirty-two different financial institutions located across the country have joined hands along with CEBA to provide support to the business owners who want to get this loan.
- Rent support for the small scale businesses
Business owners who find it a difficult task to pay monthly bills due to the impacts of coronavirus economic crisis will now be able to get assistance with it as well. This support is available for all the small scale businesses in Ontario. Ontario has partnered along with the Canadian government to deliver CECRA program. CECRA refers to Canada Emergency Commercial Rent Assistance. Any business owner who wants support from this program can submit their applications.
These are some of the examples available to show how Canadian business owners can hold their businesses until things get back to normal. We can find many other similar initiatives. If you are a business owner, you must take a look at them and get the best out of opportunities available.