The Burnaby Board of Trade is doing what it can to help businesses navigate resources and supports during the COVID-19 crisis, according to Paul Holden, president and CEO of the board.
“We want the business community to know that we’re here for them,” he said. “To a much lesser degree, our office is open for business but as an organization, we’ve probably never been more open for business.”
The majority of staff are working from home as much as possible, he said, but added they are accessible by phone and email.
“We’re doing as much as we can to be out their helping the members and supporting them, and calling as often as we can,” he said. “Everybody’s job now is to be reaching out to members and find out from them the level of impact of what’s going on in their business.”
The board is hearing concerns on three levels, Holden said.
“’How do I pay my employees? How do I pay my rent? How do I pay myself or keep myself going?’” he said.
The board is directing business owners to the available supports and providing them with resources and information throughout the crisis, he added.
One challenge is that the supports available are inundated by applicants right now. Holden specifically referred to the Work-Share program, which takes 30 days to access – not
because of an imposed wait period but because that’s the amount of time it takes for services to be available.
The Work-Share program provides income to eligible employees via Employment Insurance to those whose hours are reduced due a dip in normal business activity.
The maximum amount of time a person can access Work-Share has been expanded from 38 weeks to 76 weeks as part of the Canadian government’s stimulus package during the COVID-19 pandemic.
“They’re doing everything they can to reduce that (wait period) and they’re hoping to get it down to a much more manageable level,” Holden said. “That one in particular is an important one. We’re hearing from our members that it’s a program they’d like to explore and potentially take advantage of.”
The 10% wage subsidy also announced as part of the package is not retroactive but it is immediately available, according to Holden.
“That’s one that’ll be administered through the process of – whoever your payroll processor is – it’s going to be administered through a reduction in the monies that are deducted from payroll and remitted to the government,” Holden explained.
While the wage subsidy is a good start, he said, the board is talking to the federal government about increasing it.
There is also the Business Credit Availability Program, with loans to help businesses over the next few months, and the opportunity for businesses to defer income taxes if they owe them.
The board is working with the Business Development Bank of Canada and various levels of government to make sure business owners understand the process for the resources available, according to Holden.
“We’re very encouraged that the health concerns of citizens are of paramount importance but pretty close up there, there’s concern for the economy and the business community,” he said. “We’re encouraged by the fact that government absolutely understand the importance to support businesses and employees.”
Other areas the board is looking into include rent, property taxes and self-employment.
“A lot of people are into a rental agreement so we’re looking at exploring what can be done in those cases,” Holden said. “And of course property taxes are just a few months away.”
Ultimately, business owners need to take care of their employees and themselves, he said.
“We’re hearing from our members, ‘look, I want to take care of my employees first, I want to keep them as long as I can and if I can’t, I want to be able to help them as much as possible,’ and that is a priority for businesses but at the end of the day, the owner needs to look after themselves as well,” Holden said.
There is information and resources available on the board’s website at bbot.ca/covid-19-coronavirus-updates, and on their social media channels, on Twitter @BurnabyBOT and Facebook @BBOT.
“It’s a very, very tough time, we don’t know how long this is going to go on for,” Holden said. “We know we’ll get through it at the other end and we’re absolutely committed to do what we can to ensure that we all get through it in the end and in a condition where we all move forward as healthfully as possible.”
