The COVID-19 financial relief available to Canadian businesses

3 minute read

In a few short weeks, Coronavirus (COVID-19) has upended the economy and expectations of business owners across the country.

Merchants used to serving customers face-to-face have been left scrambling; not only to find ways to maintain sales but also to ensure their employees stay safe. And conversely, consumers need to find what works for them.

Times of change are always tough to navigate – but also present opportunities. Experts say some of the changes we are seeing in the business landscape will be temporary; that people will revert to their old habits once the crisis subsides. But others believe those habits are here to stay. It’s hard to know which is which, but it seems likely that one trend that’s going to come out of this stronger than ever is rising online sales.

Without a doubt, COVID-19 has provided major incentive to merchants of all stripes to beef up e-commerce operations, according to a leading packaging company serving the e-commerce sector. “We’re getting calls from a ton of new customers,” said the executive.

If you’re a brick-and-mortar retailer and you’ve had to close your main street shop, now may be the time to build a website and launch an online presence. Canada Post can help. For tips on how to get started, check out this blog post.

The bottom line is that everything about the retail sector is in flux, from the way consumers make purchase decisions to how merchants source inventory (Hint: make sure you have alternative suppliers).

But the biggest obstacle for businesses right now is simply staying afloat as they wait for the economy to start growing again. That’s why the federal and provincial governments have unveiled a series of financial support methods for businesses and their employees. We’ve included some of the programs for your reference and where you can get more information, below.

As the financial programs continue to evolve, be sure to check the Government of Canada website for the most up to date information.

Solutions for Small Business.

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