Saskatchewan small businesses are leaving millions of dollars in federal aid money on the table at a time when they could use a helping hand, according to the Saskatchewan Chamber of Commerce (SCC).
The SCC is looking to help cash-strapped small businesses across the province tap into federal COVID-19 support funding through an online educational webinar. The 90-minute online workshop is hosted by MNP Partner Josh Shankowsky, CPA, CA.
Prairie Sky Chamber of Commerce (PSCC) Executive-Director Jaimie Malmgren said Saskatchewan businesses have only claimed 1.7% of available federal COVID-19 support funding.
“It’s time for Saskatchewan businesses to get their fair share of the pie,” said Malmgren. “The provincial chamber of commerce has teamed up with the experts at MNP to deliver a free step-by-step tutorial that will walk you through the available federal support programs and how to apply.”
The webinar is being live-streamed at ten separate time slots. The first six webinar sessions were held in October. Four of the scheduled sessions are taking place later this month (Nov 16 at 10 am; Nov 19 at 2 pm, Nov 26 at 10 am and Nov 27 at 2 pm). Participants can register by logging in through the SCC website (www.SaskChamber.com/GrabYourSlice.
SCC officials said many companies and non-profit organizations haven’t accessed funding due to a lack of awareness or knowledge about the programs.
“Reports from the federal government on the Canada Emergency Wage Subsidy (CEWS) program indicate that Saskatchewan businesses have only accessed 1.7% of the allocated dollars through the CEWS program alone,” stated SCC officials.
“With Saskatchewan having 3.11% of the Canadian population, this means that Saskatchewan businesses are shorted by approximately $185 million and in some cases, time is running out for access to CEWS and other federal support programs.”
While some support programs are ending, others are taking their place.
On November 2, the federal government announced additional action targeting Canadian businesses, non-profits and charities hard-hit by the COVID-19 pandemic.
Deputy Prime Minister and Finance Minister Chrystia Freeland introduced legislation extending rent and wage subsidies.
The new Canada Emergency Rent Subsidy aimed at providing direct rent and mortgage interest support to tenants and property owners until June, 2021. The new rent subsidy would support businesses, charities, and non-profits that have suffered a revenue drop by providing support up to a maximum of 65 per cent of eligible expenses until December 19, 2020. The government is proposing to allow claims retroactively for the period that began September 27 and ended October 24, 2020.
The legislation also includes the new Lockdown Support, which would provide an additional 25 per cent through the Canada Emergency Rent Subsidy for qualifying organizations that are subject to a lockdown and must shut their doors or significantly limit their activities under a public health order. Combined, this would mean that hard-hit businesses subject to a lockdown could receive rent support of up to 90 per cent.
The Canada Emergency Wage Subsidy, which tops up 65% is also being extended until June 2021.