Your business, COVID-19, and Mtek Digital

It’s an uncertain time. Like you, we are a small business with so many questions – should I keep my business open? What should I be doing in this down time? What is my business going to look like in six months’ time?

We are looking at this time as an opportunity to first get caught up on those tasks that just never seem to get done, and we are working on a plan to do some promotions. It may be a good time for all small business to start planning to promote their products and services.

We’ve put together a listing of supports for Alberta businesses that have been recently announced:

  1. Corporate income tax: Corporate income tax balances and installment payments will be deferred from March 19 to August 31 to increase access to cash so employers can pay employees, address debts and continue operations.
  2. Property tax payments: Mayor Iveson recently announced that the city is working on efforts to adjust deadlines.
  3. Utility bills: small commercial customers can defer electricity and natural gas bill payments for the next 90 days to ensure no one will be cut off, regardless of the service provider.
  4. Financial institutions:
    1. Credit unions: Business members should contact their credit union directly to work out a plan for their personal situation
    2. ATB Financial: Small business customers can:
      • apply for a payment deferral on loans and lines of credit for up to 6 months
      • access additional working capital
      • Other businesses and agriculture customers can access support on a one-on-one basis. Further solutions are being considered at this time
  5. Business loans and credit: The Government of Canada has announced increases in credit available to small, medium, and large Canadian businesses. A new Business Credit Availability Program will provide more than $10 billion of additional support to businesses experiencing cash flow challenges. The Office of the Superintendent of Financial Institutions is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets, effective immediately. This action will allow Canada’s large banks to inject $300 billion of additional lending in to the economy.
  6. Wage Subsidies: Eligible small businesses will receive a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer.

Other supports available to business:

  • Facebook Small Business Grants Program: Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll share more details as they become available.
  • BDC Small Business Loan: Capital loans of up to $2 million with flexible terms and payment postponements for up to 6 months are available for qualifying businesses.
  • Work-Sharing Program: Adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer.

Here is a great infographic that brings these together.

Send us a note or give us a call (780-409-2525) if the Mtek team can provide any supports in this time—that could include video, website design and management, or taking care of your online marketing while you concentrate on other tasks.

Let’s weather this storm together.

The Mtek team is here to help your small business—now when online conversations take precedence over face to face, and into the future.