This resource was last updated on April 7, 2020. We’ll continue to update it as new information and resources emerge.
In a time of uncertainty, collective precautionary measures help us to flatten the curve in hopes of minimizing the spread of coronavirus (COVID-19). But self-quarantine and social distancing may demand a shift in your company’s working culture, imposing unforeseen pauses in workflow and revenue.
Founders and business leaders, you’re not alone. If you’re wondering what supports are out there to keep your business competitive, we’ve compiled a list of resources to keep you going through an unpredictable quarter.
Looking for information on the Canada Emergency Response Benefit (CERB)? Click here.
Become part of the solution
- The COVID-19 Collaboration Platform, is seeking innovators with technology, assets, or products to collaborate on COVID-19 solutions.
- Put your coding chops to use in CODEVID-19’s “pandemic hackathon”, where developers and designers, can contribute to creating solutions to manage and understand the current climate.
Establish a plan
- MaRS has created a collection of resources to address coronavirus communications and business management specifically with making strategic and effective decisions in mind.
- Use BDC’s business continuity plan templates to plan around disruptions in your business operations.
- For investors, the time is now to get a handle on your ventures’ cash runway and ensure they are prepared for what’s to come. Dennis Ensing of SWO Angels/Equation Angels has developed a battle plan.
- KPMG has released a robust business continuity guide for leading in turbulent times. Download the checklist and step-by-step guide here.
- BDO’s resource hub offers strategies to prepare for, and respond to, the impacts on your business, as well as the right contacts to guide you through each step.
- Paystone is helping businesses take their sales online. Access their eCommerce payment gateway for free for six months.
- For best practices to take back to your business community, join the Canadian Council of Innovators (CCI)’s COVID-19 Slack channel.
- The Government of Canada has introduced the Work-Sharing Program for employers affected by a downturn in business activity.
- Innovation Canada’s resource finder makes it easy for you to customize the support your business needs. Sort by needs including funding, tax credits, goals, and more.
- Applications for the Canada Emergency Response Benefit (CERB) are open as of April 6, 2020. Individuals who have lost their income and do not qualify for Employment Insurance (EI) are eligible to apply in 4-week periods.
- The Business Credit Availability Program (BCAP) will provide $10B in credit support for Canadian businesses. Entrepreneurs can access small business loans, working capital loans, and purchase order financing through the Business Development Bank of Canada (BDC). Canadian exporters can learn more about additional financing options by speaking with an Export Development Canada (EDC) advisor. Additional financial support as necessary.
- Canada Emergency Wage Subsidy has emerged several questions regarding eligibility. CCI has compiled a list of frequently asked questions to help employers self-assess:
Is there any cap to the Canada Emergency Wage Subsidy?
The Canada Emergency Wage Subsidy would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
What employees are eligible?
Payroll employees including full and part-time as well as those on Parental leave.
How is the government identifying the 30% decrease in revenues?
Employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, would be able to access the subsidy.
Is this program for a particular sector or company size? Does it support only Canadian Controlled Private Corporations?
Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities
How do business access the Canada Emergency Wage Subsidy?
Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a Canada Revenue Agency online portal. More details regarding how to apply for the program will follow.
What if our company doesn’t qualify for the Canada Emergency Wage Subsidy?
Those organizations that do not qualify for the Canada Emergency Wage Subsidy may continue to qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Find a financial solution
- EDC’s Global Economic Outlook offers insight on risks and challenges facing Canadian exporters
- Canada Revenue Agency is also allowing businesses to defer income tax payment amounts, “The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.”
- Canada’s six largest banks; Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, and TD Bank, have announced a commitment to work on a case-by-case basis with small business banking customers to provide flexible solutions to help them manage financial challenges and disruptions due to COVID-19.
- MNP’s COVID-19 Business Advice Centre has tips and directions for companies developing a financial plan to navigate the crisis.
- Find an extensive list of active funders in Canada (equity, lenders, government) in this resource from Hockeystick.
- Facebook has committed $100M for cash grants and ad credits for small businesses for up to 30,000 eligible small businesses. Sign up to get notified when applications open.
- Google is distributing $340M worth of Google Ads credits worldwide to support SMBs.
- KPMG has assembled tips to help companies with complex property and business interruption insurance claims related to COVID-19.
For first-time remote teams
- Shifting gears to the laptop lifestyle? According to the remote engineering partners at Commit, it’s all about over-communication, setting boundaries and diligent documentation. Give the article they authored for BetaKit a read to set the foundation for your team.
- Techdoz has launched London Tech Tools to help organizations settle into a new way of work
- How does remote work fits into your company’s culture? Zapier’s handbook provides helpful considerations, including hiring remote candidates, relationship-building, and boosting productivity.
- Physical distance shouldn’t stand in the way of your professional development. More organizations are shifting their programs online. Take a look at this list of workshops and events in the Canadian and US tech ecosystem.
TechAlliance is hosting webcasts to help our community respond to the business challenges created by the COVID-19 virus. Please check out the videos below, and visit our Events Calendar for upcoming webcasts and online events.
- MaRS Discovery District held a webinar with Robert Bolton from Later to discuss how to capitalize on change and become resilient in the face of disruption.
- Hon. Doug Ford, Premier of Ontario, and Hon. Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. Premier Ford and Minister Fedeli provide an update on Ontario’s $17B response to COVID-19 and Ontario Together, an online portal which welcomes the help from businesses and organizations who can supply emergency products and innovative solutions to support our response to COVID-19. Listen here. (Tuesday, March 31 at 9:00 am)
- In this stressful time for you and your employers, Michael Gervais offers some helpful advice on maintaining your mental health and managing stress.
- For updates to keep informed about the current state of COVID-19, subscribe to the Public Health Agency of Canada’s email list.
- The World Health Organization (WHO) has launched a public WhatsApp channel to answer any questions you may have.
- Misinformation about coronavirus can spread just as quickly as information from a trusted source. Harrison Pensa has compiled a list of resources rooted in science and security.
- The League of Innovators has launched a living library of resources for Canadian startups.
If you’re an entrepreneur seeking support to keep your business competitive in the midst of our current public health climate, we encourage you to reach out to a TechAlliance advisor. Our Venture Growth & Corporate Innovation is ready to help you plan for action.