COVID-19 Government Support for Small Business in Ontario

covid-19

Throughout the COVID-19 Pandemic, I have been thoroughly impressed with our government’s responsiveness. Not only are they developing these programs quickly, but they are rolling them out in a very organized fashion.

Because we work with so many entrepreneurs and small businesses, we wanted to put together this COVID-19 Cheat Sheet of Programs available to Small Businesses. We will continue to update this article as more information is released by the applicable governing bodies.

Main COVID-19 Programs Currently Available to Small Businesses in Ontario:

Canada Emergency Business Account (CEBA)

What is it: Interest-free loans of up to $40,000.

To Qualify: Have paid between $20,000 – $1.5 million in total payroll for 2019.

To Apply: Via your online banking with bank/credit union.

Note: Interest-free if paid back by December 31st, 2022.

Quite a few of our clients have applied and been approved for this program. It’s a great relief to have peace of mind and use this when absolutely necessary to keep things moving smoothly and stay afloat. The application process is simple. Log into your normal online banking and there will be an intake form to complete. Once approved the money will deposited into our account within 5 business days.

We recommend keeping a detailed excel document of any uses of this loan, and then creating a payment plan based on when things get back to normal. Ensure you pay back and loan amount by December 31st, 2022 to avoid any interest payments. If you do that you may also be eligible for up to $10,000 in loan forgiveness.

Canada Emergency Wage Subsidy (CEWS)

This is an incredible effort to keep as many people employed as possible during COVID-19. The responsibility is still on the employer to provide a safety compliant workspace for the employees.

What is it: Subsidy covers 75% of an employee’s wage up to $847/week.

To Qualify: Your business must have suffered a drop in gross revenues of at least 15% for March and 30% in April & May.

To Apply: Apply via your CRA Business account on April 27th.

Note: Be ready to apply; calculate how much you’re eligible for via the CRA website: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-calculate-subsidy-amount.html

We have a few clients who are eligible for this wage subsidy program, Rosewood included. It’s a good idea to use the calculator now so you are prepared for a quick and easy process on April 27th.  You will need to have copies of your payroll statements or your T4’s for individual employees.  It also takes into consideration whether you are an “arms-length” employee or not, meaning if you are related to the business owner.

Canada Emergency Commercial Rent Assistance (CECRA)

Small business owners with brick and mortars have been begging for this program. We have signed petition after petition to have this program made available. Without this, it would be the demise of main street businesses across Canada.

What is it: The Canadian government is partnering with provinces to provide a subsidy program for commercial building owners. The business owner pays 25%, the building owner pays 25% and the federal and provincial governments split the remaining 50%. This in effect will lower rent by 75% to commercial small business tenants. It also includes a moratorium on eviction during COVID-19.

To Qualify: The building owners must give their renters a 75% reduction in rent for May and June.

To Apply: The Canada Mortgage and Housing Corporation will administer and deliver the CECRA via a rent forgiveness program. Forgivable loans will be dispersed by the mortgage lender. Application details are coming soon and we will update here.

Note: We will update this post once more details are made available. More information is available here: https://pm.gc.ca/en/news/news-releases/2020/04/24/prime-minister-announces-partnerships-provinces-and-territories

We’re trying our best to stay up to date with details on these programs available to entrepreneurs and small businesses in Ontario during COVID-19. We will continue to update this article as new details are released regarding these three programs.

Let’s Connect

Rosewood is a full-service digital marketing agency outside Toronto dedicated to helping entrepreneurs and small businesses grow their online presence. We work with clients across North America and Europe to identify, strategize and reach their marketing goals!

You can join the conversation online on Instagram, Facebook and LinkedIn. Or contact us to chat about your marketing goals for 2020 or to discuss how Rosewood can assist you in building your website!

Sign up for our Newsletter to keep up with our latest news!

Until next time,

Deanna Simone

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Entrepreneurs in Residence

What Does Being An Entrepreneur Mean To You?

Being an entrepreneur means taking an idea and turning it into a reality. As a result, it gives an individual the freedom to express their creativity and explore beyond average boundaries.

Join Us!

We invite you to join us on Thursday, November 14th from 7:00 pm – 9:00 pm in the Aurora Public Library Living Room where four local entrepreneurs will share their stories and inspire others to take on the journey of becoming a self made entrepreneur. 

The Journey of Rosewood

The founder of Rosewood, Deanna Simone, will be sharing her journey as an entrepreneur and why Rosewood chooses to focus solely on serving entrepreneurs and small businesses. Deanna gets to know your business inside and out and finds the best ways to market it. Owning your own business is personal, and she believes in becoming a team to work together toward mutual success. She has made it Rosewood’s mission to provide online marketing strategies that reflect your business goals. Rosewood prides ourselves on honesty and transparency, translating technical concepts into terms that business owners can understand and appreciate.

Meet the Other Entrepreneurs in Residence Speakers

The speakers of the November 14th event will bring great background knowledge and experience that you can benefit from for your own business. Kimberley Smith is the Marketing Consultant, Instagram and Facebook Designer and Owner of Young at Heart Painting. Kimberley believes in “providing creative solutions to help improve the lives of others.” Another speaker of the event is Emily Chung, Licensed Technician and Owner of AutoNiche. Emily lives by the motto, “mental grit for the entrepreneurial journey.” Finally, Carl Milroy will be speaking at the event. Carl is the President and Managing Partner of Red Thread Brewing Co. Carl believes simply, “It’s what connects us.” 

Why Is It Important To Share Experiences and Learn From Each Others Mistakes?

It is important to share our experiences to not only learn from each other’s mistakes, but to understand that every entrepreneur will experience failure before success and to not feel discouraged in times of failure. Sharing experiences is a great way for entrepreneurs to bounce ideas off each other. It is also a great way to find some tools and skills that may work for you. Passing on knowledge from experienced entrepreneurs to those who are just starting out can be a great way to find yourself a mentor or even become a mentor for someone who is new to entrepreneurship.

 

This is a great opportunity to meet with new visionaries who share your same drive to succeed. There will be a Q&A with attendees after the speaking. We also have a Smartboard available for your use and refreshments for you to enjoy.

Click here to register for the Entrepreneurs in Residence event! 

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How A Strong Local Network Can Transform your Business

local business networking rosewood va deanna simone

As a small business owner – you know that networking is one of the most important skills that you should learn in order to make your business a success story. Building a successful business takes time and dedication, so it is a great idea to have a network of business professionals to keep you inspired and motivated.

By surrounding yourself with people who share a similar passion and determination, you are more likely to move forward and achieve the results you want. Business networking is a valuable way to expand your knowledge, learn from the success of others, acquire new clients, increase your brand’s awareness, and make friends! 

Rosewood strongly believes in the power of teamwork to successfully reach goals – both personally and professionally. But what’s even more valued, is forming a strong and active LOCAL business network that can help your business grow and flourish in the specific city or region that you serve.

And there are a ton of local business, philanthropic, and interest-based groups to connect with! From “Mom’s in Business” to Green Connections – which supports environmentally and socially conscious business practices.

Rosewood LOVES to Network!

Rosewood is a proud member of:

We also recommend:

Here at Rosewood, we are huge fans of Organic Networking, and just getting out there and meeting people! Selling is typically an afterthought after forming these amazing business relationships.

And one last thing – networking groups take a bit of a hiatus in the summer, but September is just around the corner! Now is the time to check out some of these groups. You can usually attend for free as a guest your first time.

Our Top 5 Benefits to Local Business Networking (not in any particular order!)

  1. Business Opportunities
  2. Valuable Advice
  3. New Clientele
  4. Enhance your Personal Brand
  5. Friendship!

These are just a few of the incredible reasons why local business networking is so important for both your personal and professional growth. Connecting with people who have business experience and share similar interests will undoubtedly help your own brand flourish!

Let’s Connect

Do you have any networking questions or comments to share? Feel free to get in touch with us directly for guidance – we are always happy to help. And of course, we would love to connect with you on Instagram, LinkedIn, and Facebook!

Happy Networking!

Ananta

Content Coordinator

Rosewood Inc.

Photo courtesy of Rhonda McNeil of Catch the Brand Photography

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