Weekly Digest – 6 January 2021
Happy New Year! We hope you had a relaxing holiday break and are raring to go in 2021.
Our first weekly digest of the new year includes the latest updates and ideas to help us all move forward.
Canada Provides Additional $70 Million to the Red Cross for Ongoing COVID-19 Response
The Government of Canada will provide additional $70 million to the Canadian Red Cross for the following:
- up to $35 million for Red Cross personnel to support Outbreak Crisis Management activities;
- up to $35 million for testing-related activities led by the Red Cross COVID-19 Testing Assistance Response Teams (CTART).
This shows the government’s steadfast commitment protecting the health and safety of Canadians, while ensuring a safe and sustainable economic recovery.
Pre-departure COVID-19 Testing required for All Air Travellers Entering Canada
Starting January 7, 2021, at 12:01 a.m. EST, all air passengers five years of age or older will be required to test negative for COVID-19 before travelling from another country to Canada. Documentation of a negative laboratory test result must be presented to the airline prior to boarding a flight to Canada.
The test must be performed using a COVID-19 molecular polymerase chain reaction (or PCR) test and must be taken within 72 hours prior to the traveller’s scheduled departure. Anyone who receives a negative test result and is authorized to enter Canada must still complete the full, mandatory 14-day quarantine.
Government Expands Canada Emergency Business Account Loans
Starting December, eligible businesses facing financial difficulties due to COVID-19 can access a second CEBA loan of up to $20,000 – on top of the initial $40,000 that was available to small businesses. Half of this additional financing, up to $10,000, will be forgivable if the loan is repaid by December 31, 2022.
Applications for CEBA have been extended to March 31, 2021. More information can be found here. Alternatively, if you have any questions or require assistance, simply drop us a message.
Government Support for Businesses
The federal government continues to enact measures to mitigate the financial impact of the pandemic. Here are the available assistance you can take advantage of:
- The Canada Emergency Wage Subsidy (CEWS) is intended to help businesses cover a portion of wages and keep employees on payroll. It continues until June 2021.
- The work-sharing program allows employees whose hours got reduced by an average of 10% to 60% to claim employment insurance for lost wages. This has been extended to 76 weeks from 38.
- The Canada Emergency Rent Subsidy provides rent and mortgage assistance until June 2021. Businesses can make claims retroactively for the period of Sept. 27 to Oct. 24, 2020.
- The Canada Emergency Business Account (CEBA) offers government-guaranteed bank loans of up to $40,000 for small businesses. The deadline for the application has been extended to March 31, 2021.
- For mid-sized companies, the Business Development Bank of Canada’s mid-market financing program provides commercial loans between $12.5 million and $60 million.
Business New Year Planning Tips
Make the next 12 months more profitable and productive with these tips for business New Year planning.
- List out the three most important goals and critical ‘big picture’ accomplishments that you want for your business. Identify WHAT, HOW, and WHEN will you do the steps to achieve these.
- Evaluate what still works and what no longer works for your business. Don’t be afraid to try out something new, perhaps even what seems risky.
- Set monthly metrics and quarterly goal-planning reviews instead of thinking of the year as a whole. Measure results and adjust the dials on your business plan every 3 months while keeping a close eye on results every month.
- Don’t do it alone. Be open to suggestions from your partners, business advisor, accountant, and the rest of your team.
- Write down your personal and professional development goals as well.
Entering into the new year with all the uncertainties ahead and the pandemic still going on can be scary. However, it is important to remember that a bend in the road is never fatal unless you fail to turn. So take a deep breath and relax– you got this!
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.