COVID-19 Business Update – 17 February 2021
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Pfizer Vaccine Shipment Delayed by Winter Weather in the US
The winter weather in the US will delay a planned shipment of Pfizer vaccine doses to Canada by at least a day this week, as global shipping company UPS has temporarily shuttered its air shipping hub, due to a significant buildup of snow and ice.
More than 400,000 Pfizer shots will arrive this week to help jump-start Canada’s vaccination campaign.
Currently, 1.5 million doses have already been administered. Canada will need to deploy more than 265,000 doses a day over the next 226 days to provide two doses to 30 million people by the end of September.
Canada Buys Additional 4 Million Doses of Moderna COVID-19 Vaccine
The Government of Canada has increased its purchase of Moderna’s COVID-19 vaccine by 4 million doses, bringing its confirmed order commitment to 44 million doses.
Health Canada authorized the COVID-19 Vaccine Moderna for the immunization of people 18 years of age and older under an Interim Order on December 23, 2020.
Government to Invest $100 Million to Support Women Impacted by the Pandemic
The Feminist Response and Recovery Fund will provide $100 million for projects helping women who are disproportionately affected by the COVID-19 crisis. The funding will allow recipient organizations to launch new projects or scale up past projects that increase women and girls’ participation in Canada’s economic, social, democratic and political life.
The call for proposals is open until March 25, 2021 12:00 pm PST.
Youth Job Support
Young people’s access to well-paying jobs can impact Canada’s economic recovery in the future.
Minister Carla Qualtrough met virtually with representatives from the Hollyburn Family Services Society to highlight their innovative Wired 4 Success project, funded through the Youth Employment and Skills Strategy (YESS).
From September 2020, the Hollyburn Family Services Society will have received nearly $460,000 in additional funding, and that the duration of their project will be extended until June 2021.
HASCAP Loan Applications Now Open
New loan applications from the Highly Affected Sectors Credit Availability Program (HASCAP) have opened starting February 1.
Loans start at between $25,000 and $1 million for a single business depending on the size of the operation, and run up to $6.25 million for companies with multiple locations like a chain of hotels or restaurants. Interest rates are set at 4% across the board, terms will be up to 10 years, with up to a 12-month postponement of principal payments at the start of the loan.
To be eligible, companies will have to show a year-over-year revenue drop of at least 50% over three months, not necessarily consecutive, in the eight months before the application.
Further details can be found here.
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.
5 Key Ways to Boost Your Revenue This Year
2020 has been a difficult year for business owners. Now that a new year is upon you, it’s time to put your foot on the gas pedal and make 2021 the year for your business. Here are some ways you can grow your revenue this year and beyond:
Review your business and address blind spots. The first thing you can do is to look at your current situation and identify blind spots that keep your business from growing. This could be anything from lack of the right staff, your management style, or untapped potential revenue.
Make sure you’re reaching the right target market. Get clear on your target market and make sure you are selling to the right people. Once you know your target, you will also be able to design your marketing campaigns better.
Create a growth plan. Evaluate where your business is standing and where you want it to be by the end of the year. Set clear and realistic goals on how much you want to grow, create an action plan, and communicate your growth plan with the rest of your team.
Improve you and your team’s sales skills. Brush up on your sales skills and train some of your employees on how to sell in their particular area of expertise. Identify sales opportunities within your business and hire additional sales staff if necessary.
Increase your prospecting efforts. Assume that your target market won’t find you. Think of ways to find quality leads instead, whether this is through social media or cold-calling.
Want more tips to stay ahead of your competition? Get in touch with us to book a one-on-one business consultation.
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Contact us if you have any questions or want to discuss the next steps for your business.