Insight Newsletter: Special COVID-19 Edition

Stay up to date on relevant and timely business and economic news and resources during the COVID-19 pandemic.

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New resource: buy local business listings

What’s open in the Township? Check out the new Open for Business listings to discover which restaurants, stores, and services are open for delivery, contactless pickup, or physical-distanced shopping in your community. Categories include food and beverage, grocery, pharmacy, animal services, health services, automotive, and more.

If you would like your business added to the listings, complete the simple request form.

Funding support: wage subsidy, interest-free loan, and one-stop support resource

Many Federal and Provincial Government COVID-19 benefits will be received automatically, but there are some that must be applied for. Here are two that have been heavily requested by small businesses:

Small Business BC

This one-stop connection point directs to all current funding and business resources available in BC. Information is offered in several languages and advisors are available by phone Monday to Friday 8:00am – 6:00pm at 1-833-254-4357, or by email at covid@smallbusinessbc.ca, or live chat.

75% wage subsidy - applications now open

Business owners can apply to receive 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020. The business must show a 15% decline in revenue as compared to March last year, or average revenue loss from January and February. A 30% reduction is required for April and May. Apply online through your CRA My Businesses Account.

$40,000 Interest-free loan for small business

Businesses may be eligible for a $40,0000 interest-free loan if total employment income paid in the 2019 calendar year was between $20,000 - 1,500,000 CAD. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25% up to $10,000. Contact your business financial institution to apply.

Spotlight: Fat Cow and Oyster Bar

With a local farm to table approach, the Fat Cow and Oyster Bar has shifted their business to better meet the needs of their patrons and the community by filling pantries as ‘Fat Cow Essentials’. This new side of their business features essential cooking and baking ingredients for sale alongside their much-loved restaurant meals from an adapted menu. Check them out next time you’re craving takeout or need the basics for baking bread!

We’re here to help your business

The Township’s Economic Investment and Development team remains available to help support our local business community.

Contact Val, Nav, or Dustin via email to invest@tol.ca or call us at 604-533-6084.

For general Township COVID-19 updates visit tol.ca/covid19.