Our City is working hard to ensure the health and safety of our residents amidst this global pandemic.
We know the significant impact that this crisis has had on your business. We also know that you are worried about making ends meet and the effect COVID-19 will have on your long-term sustainability.
I want our City’s business community to know that we are here for you. The sacrifices you are making for the greater good of our City’s health and well-being have not gone unnoticed.
I have personally spoken with businesses small and large and recently called a virtual meeting with our Economic Development Advisory Board (EDAB) to discuss the business impacts COVID-19.
As a result of these discussions, the City Council has implemented the following measures to reduce financial stress during this challenging time:
- Deferred commercial property tax installment due dates by 90 days
- Deferred the Storm Water Charge by 90 days
- Deferred the late payment fees on the water utility bill by 3 months (91 days) at the Region of Peel
- Implemented free MiWay transit to make it easier for people who still need to get to work
We are also providing support for local manufacturers interested in retooling their operations to produce essential medical supplies needed to battle this virus.
Discussions on how Mississauga can provide further relief to local businesses will continue in the weeks and months to come.
Our Economic Development Office is ready to support our businesses as this situation unfolds, including recently launching a COVID-19 Business Relief Portal. This site has a wealth of information on the resources available to you, including the financial relief plans provided by both the provincial and federal levels of government.
If you are unsure whether or not your business is considered essential, the province has launched a toll-free line 1-888-444-3659.
This line provides support to Ontario businesses who have questions about the province’s recent directive to close non-essential, at-risk workplaces.
Here are a few highlights of the provincial and federal government supports for business.
- Launched the Ontario Together website, to help businesses and their employees meet the challenges of COVID-19 by supporting the manufacturing sector to redeploy capacity towards the production of essential equipment like ventilators, masks and swabs.
- $3.7 billion to directly and urgently support people and to protect jobs.
- Lowering electricity prices for small business time-of-use customers to the off-peak price, 24 hours a day for 45 days.
- Cutting taxes by $355 million for about 57,000 employers through a proposed temporary increase to the Employer Health Tax (EHT) exemption.
- Making available $6 billion by providing five months of interest and penalty relief for businesses to file and make payments for the majority of provincially administered taxes.
- Making available $1.9 billion by the WSIB allowing employers to defer payments for up to six months.
The full action plan can be read here.
- Introduced a $82 Billion Economic Relief Package.
- $27 billion financial aid package
- $55 billion in payment/tax deferrals
Support for Individuals/Workers:
- If your employees have lost their job because of COVID-19, whether full time, contract or self-employed, the government has introduced the Canada Emergency Response Benefit (CERB).
- The CERB will provide $2,000 a month for the next four months for workers who lose their income as a result of COVID-19. This will replace the two benefits we announced last week, in order to streamline the process.
- An application portal will launch as quickly as possible and people should start receiving money within 10 days of applying.
Support for Businesses:
- Wage Subsidies to cover 75% of lost wages for qualifying businesses, back dated to March 15, 2020.
- Creation of a Canada Emergency Business Account which will include more access to loans.
- Banks will soon offer $40,000 loans which will be guaranteed by the Government.
- Loans will be interest free for the first year, and if business meets certain criteria, $10,000 will be forgivable.
- Additional $12.5 billion to EDC and BDC to assist small and medium sized businesses with cash flow.
- Deferral of GST/HST for duty imports until June.
- Tax payment deferral to August 31, 2020 (no interest will accrue).
- $10 billion for Business Credit Availability Program for SMEs to tackle low cash flow issues through BDC and EDC.
The full response plan can be found here.
To keep up to date on City facilities, services and closures please click here.
To access our COVID-19 Business Portal click here.
Stay safe. Stay Healthy. Stay home where possible.
We are committed to helping our City’s businesses community weather this storm and bounce back stronger than ever before.
Together, we will get through this.
Mayor, City of Mississauga