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We have had some significant announcements today:
• PM Trudeau has announced a wage subsidy of 75% for qualifying businesses. There will be more to say in the very near future. It will also be backdated as of March 15th, 2020.
• PM Trudeau also announced the Canada Emergency Business Account. Banks will offer $40,000 loans which will be guaranteed by the government. It is interest-free for the first year. $10,000 could be forgivable if you meet certain conditions. They can do this through their primary banking
• They are also injecting another $12.5 billion to BDC and EDC.
• They are also deferring GST/HST payments until June 2020.

We will post details as we get them.
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Due to this overwhelming response the CDFC is unable to accept any additional applications as of 5 p.m. today.

On March 23rd, 2020 the CDFC announced the COVID-19 Emergency Loan Program in response to the radical drop or total loss in sales that the business community has witnessed due to the COVID-19 worldwide health pandemic. The Program offers micro loans from $2,500 up to $20,000 (and up to $50,000 on exception) to companies who cannot access additional funding through the BDC or their Traditional Bank and need an immediate cash injection to cover expenses over the next three months.
As anticipated, response to the program has been overwhelming, and as a result over subscription to the program is imminent. Due to this overwhelming response the CDFC is unable to accept any additional applications as of 5 p.m. today. Anyone who has already submitted all their documentation to the CFDC will still be moved through the underwriting process.

“The unprecedented demand that we are witnessing is further evidence that our community needs more support. At the current rate, we will process as many loans as we do in an entire year in just about two weeks, to this end the entire CFDC Team and Board are all really stepping up to the plate. Unfortunately, our funds are limited; we will continue to encourage the use of the Cornwall & The Counties CFDC’s to deliver much needed injection of cash to hold small businesses over through these incredibly challenging times.” - Lesley Thompson, Executive Director

While the CFDC COVID-19 Emergency Loan Program is temporarily over-subscribed, we urge you to contact BDC or your Financial Institution as a financial support resource.
... See MoreSee Less

Due to this overwhelming response the CDFC is unable to accept any additional applications as of 5 p.m. today.

On March 23rd, 2020 the CDFC announced the COVID-19 Emergency Loan Program in response to the radical drop or total loss in sales that the business community has witnessed due to the COVID-19 worldwide health pandemic. The Program offers micro loans from $2,500 up to $20,000 (and up to $50,000 on exception) to companies who cannot access additional funding through the BDC or their Traditional Bank and need an immediate cash injection to cover expenses over the next three months.
As anticipated, response to the program has been overwhelming, and as a result over subscription to the program is imminent.  Due to this overwhelming response the CDFC is unable to accept any additional applications as of 5 p.m. today.  Anyone who has already submitted all their documentation to the CFDC will still be moved through the underwriting process. 

“The unprecedented demand that we are witnessing is further evidence that our community needs more support. At the current rate, we will process as many loans as we do in an entire year in just about two weeks, to this end the entire CFDC Team and Board are all really stepping up to the plate. Unfortunately, our funds are limited; we will continue to encourage the use of the Cornwall & The Counties CFDC’s to deliver much needed injection of cash to hold small businesses over through these incredibly challenging times.” - Lesley Thompson, Executive Director

While the CFDC COVID-19 Emergency Loan Program is temporarily over-subscribed, we urge you to contact BDC or your Financial Institution as a financial support resource.

42% of Cornwall Businesses Surveyed Will Struggle to Get Through To The End of April

In a survey of Cornwall businesses, the Chamber has discovered that most companies will struggle to survive the pandemic. 42% will struggle to survive until the end of April, with a further 30% unable to survive for three months.

The Business Development Corporation and the Cornwall and Counties Community Futures Development Corporation are working hard to support as many businesses as possible with loans. However the reality is that dozens of local businesses will be recipients of loans. The Federal Wage Subsidy will provide minimal support to businesses and only help those that are still in operation.

With the Prime Minister saying that COVID-19 restrictions could be in place for months, much more will need to be done to support businesses.

Debt is not the answer for all businesses. Some are operating with substantively reduced revenue and need support to keep people employed. Many others cannot work and need assistance to pay for continued expenses without taking on debt.

Sole proprietors and partnerships need support as well and have difficulty accessing help from the available programs.

To address the above needs, the following should be considered immediately:
• Provide small & medium businesses with a choice of taking a wage subsidy of at least 75% or a rebate of GST remittances submitted in the last six months.
• Sole proprietors and partners should be offered monthly payments based on their previous years’ income tax assessment.

These initiatives, along with the existing loan programs, would add thousands of businesses to the list of those that would qualify for support and help the 72% of the companies that will struggle to survive until June.
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42% of Cornwall Businesses Surveyed Will Struggle to Get Through To The End of April

In a survey of Cornwall businesses, the Chamber has discovered that most companies will struggle to survive the pandemic. 42% will struggle to survive until the end of April, with a further 30% unable to survive for three months. 

The Business Development Corporation and the Cornwall and Counties Community Futures Development Corporation are working hard to support as many businesses as possible with loans. However the reality is that dozens of local businesses will be recipients of loans. The Federal Wage Subsidy will provide minimal support to businesses and only help those that are still in operation. 

With the Prime Minister saying that COVID-19 restrictions could be in place for months, much more will need to be done to support businesses. 

Debt is not the answer for all businesses. Some are operating with substantively reduced revenue and need support to keep people employed. Many others cannot work and need assistance to pay for continued expenses without taking on debt.

Sole proprietors and partnerships need support as well and have difficulty accessing help from the available programs. 

To address the above needs, the following should be considered immediately: 
• Provide small & medium businesses with a choice of taking a wage subsidy of at least 75% or a rebate of GST remittances submitted in the last six months. 
• Sole proprietors and partners should be offered monthly payments based on their previous years’ income tax assessment. 

These initiatives, along with the existing loan programs, would add thousands of businesses to the list of those that would qualify for support and help the 72% of the companies that will struggle to survive until June.

The Candian Mental Health Agency is providing much-needed support during the Pandemic. Here are several webinars they are offering.


We know that in times of uncertainty and high stress, like those caused by the current COVID-19 pandemic, our work and overall well-being can be impacted. Recognizing this, the Canadian Mental Health Association, Ontario Division, and Mental Health Works, are inviting Ontarians to attend a special webinar series on mental wellness.

There will be two sets of webinars geared to different audiences:

1. Customers and clients: The webinars will cover a variety of topics that integrate best practices in workplace mental health with the importance of engaging in social distancing. How do we balance work and life when our workplace has become our homes?

2. Healthcare professionals and workers: The webinars will explore topics relevant to both hospitals and clinics, as well as telehealth professionals and those who work to support patient outcomes, such as custodial staff, security professionals, and administrators.

A complete list of topics with registration links are provided below:

WEBINAR SERIES FOR CUSTOMERS AND CLIENTS:

1. Health Anxiety, 26 March, 2020 from 1400-1500 EST, cmhaontario.adobeconnect.com/mhw1/event/registration.html
2. Stress and Anxiety, 02 April, 2020 from 1400-1500 EST, cmhaontario.adobeconnect.com/mhw2/event/registration.html
3. Isolation and Loneliness, 06 April, 2020 from 1300-1400 EST, cmhaontario.adobeconnect.com/mhw3/event/registration.html
4. Being Mindful at Work (from home!), 15 April, 2020 from 1300-1400 EST, cmhaontario.adobeconnect.com/mhw4/event/registration.html

WEBINAR SERIES FOR HEALTHCARE PROFESSIONALS AND WORKERS:

1. Mental Wellness for Healthcare Professionals -
a. 02 April, 2020 from 1800 1900EST
cmhaontario.adobeconnect.com/mhw5/event/registration.html
2. Stress Management in Healthcare Settings -
a. 06 April, 2020 from 1730-1830EST
cmhaontario.adobeconnect.com/mhw6/event/registration.html
3. Mental Health for Telehealth –
a. 15 April, 2020 from 1800-1900EST
cmhaontario.adobeconnect.com/mhw7/event/registration.html
4. Mental Health for Support Staff: Taking Care of Yourself -
a. 17 April, 2020 from 1800-1900EST
cmhaontario.adobeconnect.com/mhw8/event/registration.html


CMHA Champlain East / ACSM Champlain Est
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Cornwall & The Counties CFDC Launches COVID-19 Emergency Loan Program.

The Program will offer microloans from $2,500 up to $20,000 (and up to $50,000 on exception) to companies who cannot access additional funding through the BDC or their Traditional Bank and need an immediate cash injection to cover expenses over the next 3 months.
This is a direct response to the radical drop or total loss in sales that the business community is witnessing due to the COVID-19 worldwide health pandemic

documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Aaf54a7d7-fdd5-46bc-bf55-55dabab26604

documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Af3139942-f33c-4739-9e06-2b13b6fad281
... See MoreSee Less

Cornwall & The Counties CFDC Launches COVID-19 Emergency Loan Program.

The Program will offer microloans from $2,500 up to $20,000 (and up to $50,000 on exception) to companies who cannot access additional funding through the BDC or their Traditional Bank and need an immediate cash injection to cover expenses over the next 3 months.
This is a direct response to the radical drop or total loss in sales that the business community is witnessing due to the COVID-19 worldwide health pandemic

https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Aaf54a7d7-fdd5-46bc-bf55-55dabab26604

https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Af3139942-f33c-4739-9e06-2b13b6fad281
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