The government of Canada has introduced a number of supports to help businesses during the COVID-19 pandemic.
Small businesses have been facing unprecedented challenges during the pandemic and will continue to do so as they take steps toward reopening. The smallest businesses may face the additional challenge of accessing tailored financial planning advice to help them survive this difficult period.
On May 25, Mary Ng, minister of Small Business, Export Promotion and International Trade, announced that the federal government will support the launch of a four-week hotline service called the Business Resilience Service.
This service will help entrepreneurs and small business owners in need of financial planning advice, particularly those who may not have access to an accountant. The service will also be open to not-for-profit organizations and charities.
"We understand the incredible difficulties all business owners are facing during these challenging and uncertain times. That is why our government has rolled out the largest relief effort in Canadian history to give direct support to the businesses that need it," said Ng.
The hotline is a national, bilingual service operated by the Canadian Chamber of Commerce. As of May 25, small business owners with pressing financial needs can call 1-866-989-1080 (toll-free) seven days a week, from 8 a.m. to 8 p.m.
Business advisors — 125 members of Chartered Professional Accountants Canada (CPA Canada) — will be available to provide customized financial guidance to the smallest business owners in the most urgent need and help them make the best decisions for their business as they navigate this crisis.
Advisors can answer questions about tax regulations and the implications of COVID-19, inform business owners about government support programs that best fit their unique circumstances, and provide strategic financial planning for their road to recovery.
