Business Insurance: How Coverage is Triggered

These are uncertain and challenging times. With COVID-19 causing global concern, we understand many Canadians will have questions related to commercial insurance. IBC has produced a brief Q&A document outlining how coverage is triggered and how business interruption policies work.

http://www.ibc.ca/ab/business/COVID-19/

The Alberta Government announced three new decisions today to support Albertans and employers during the COVID-19 pandemic.

• Education property tax freeze
• Education property tax deferral for business
• WCB premiums deferral for private sector businesses and support for small and medium businesses

READ MORE

The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA)

WAGE SUBSIDY FAQ

Most of you have already heard that BDC in cooperation with EDC will receive a 10 Billion dollar envelope to help entrepreneurs that are directly impacted by COVID-19.

For loans under $100,000 you can apply online and get the same lower interest rate due to COVID-19. There is no application fee and it is a simple online process.  The minimum criteria is 2 years in business and decent/good personal credit.

Here is the application link. Where it asks for BDC Representative add:  Anna Lorena Sauve

For loans over $100,000 please refer to the details below for what is required. 

Details on the loan:

• Structure: Working Capital Loan
• Max Amount: Up to $2Million (max amount is 2M - due diligence applied on a case by case basis)
• Exclusions: Start-ups, refinancing, change of ownership
• Terms + Conditions: 12 month principal postponement - interest will be due 30 days following initial disbursement
• Repayment max: 36 months

Documents required:

• The last three years of year-end financial statements
• Most recent year-to-date financials (Balance Sheet, comparable income statement to last year, aged A/R and aged A/P listing)
• Sales and cashflow projections for the next two fiscal years on a month over month basis
• Loan Application Form – required only if no new loans have been requested in last 2 years. (click to download form)
• Personal Net Worth Form – required only if no new loans have been requested in last 2 years (click to download form)
• Organizational Chart showing the ownership of all companies
• Copy of current line of credit agreement with financial institution
• ID verification
• Site visit
• Overview of costs within the next few months (see questions below that help to answer that question

Additional questions to be answered

• At what activity level do you anticipate to operate at over the next six months (ie: full shut down or reduced capacity, what are the main impacts on your activities, specialized staff, access to premisis or employees to work remotely)
• What are the key carrying costs (burn rate) for the next six months? (ie: rent, insurance, electricity, salaries, financial fees)
• With a working capital loan and/or postponement and support from other lenders, does this cover your cash needs for the next six months?
• What are your agreements with key suppliers and customers on payment terms / support for the next six months

For further questions contact:

Anna Lorena Sauve, Senior Account Manager BDC
t. 587.797.2101  e. annalorena.sauve@bdc.ca

The Canadian Payroll Association has provided answers to some of the most commonly asked questions by employers.  Click the link below to to download the full FAQ.

FAQ WITH THE CANADIAN PAYROLL ASSOCIATION

Work-share Program:

The Government of Canada offers the Work-Sharing Program, which is designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer. 

For more info check out the Work-Sharing program website or call the Employer Contact Centre at 1-800-367-5693. 

www.canada.ca/en/employment-social-development/services/work-sharing.html 

Employment Insurance Program:

The Government of Canada offers benefits for individuals who may qualify if they have lost their job.  https://www.canada.ca/en/services/benefits/ei.html 

 COVID EI claims can be made at: 1-833-381- 2725

The Alberta Government requests that businesses take this short survey to help them assess the impact of COVID-19 on your business and gather information on what priority needs and resources are required at this time.

Business Impact Survey 

Click the link below for this week's most frequently asked questions.

COVID-19_FAQ_CdnChamber.pdf

After receiving more than 150 nominations, we are pleased to announce the Finalists for the 2019 Sylvan Lake Business Awards as selected by a panel of judges who evaluated and scored each application. The award winners will be announced at the upcoming Mermaid Ball + Business Awards on Saturday October 26th, a 300 person formal event to be held in Sylvan Lake.  Please join us in congratulating this year's finalists....

Employee of the Year Award

• Donna Amo - Boston Pizza
• Ingrid Soanes - Sylvan Lake Community Partners
• Taylor Bohn  - Bukwildz
• Tiffany Stoyles - Sylvan Agencies - A Division of Rogers Insurance
• Grace Woods - Good Earth Coffeehouse

Business Woman of the Year Award

• Cathy Forner - C4ner Management
• Debby Bach - Sylvan Olive Co.
• Kathryn Blair - Undercurrent Brewing
• Leah McIntyre - Sylvan Agencies
• Priscilla D'Mello - Murdoch D'Mello Insurance + Financial Services - the co-operators

Young Entrepreneur Award

• Kjeryn Dakin - Bukwildz
• Dr. Lance McAffe - Sylvan Family Chiropractic
• Skylar Murdoch - Murdoch D'Mello Insurance + Financial Services - the co-operators
• Travis Jones - Sylvan Lake Physical Therapy

Environmental Stewardship Award

• Sylvan Lake Aqua Splash
• Good Earth Coffeehouse
• Sylvan Lake Community Partners Association
• Undercurrent Brewing

Visitor Friendly Award

• Good Earth Coffeehouse
• Snake Lake Brewing Company
• Sylvan Olive Co.
• Sobeys Sylvan Lake
• Sunsport Recreation

Customer Service Excellence Award

• ATB Financial
• Good Earth Coffeehouse
• RoyAl Glass
• Sylvan Agencies
• Western Business Solutions

Marketing Excellence Award

• 7 Points Media
• Good Earth Coffeehouse
• Lapp Realty
• Snake Lake Brewing Company
• Canadian Tire - Sylvan Lake

New Business of the Year

• A/T Tire + Performance
• Good Earth Coffeehouse
• Murdoch D'Mello Insurance + Financial Solutions
• C-4ner Management
• Neighbour by the Lake
• Uptown Parties + Balloons

Small Business of the Year (under 10 employees)

• ATB Financial
• Picky Painter
• Rapid Auto Solutions
• Saks Shoes
• TD Bobcat

Large Business of the Year (10+ employees)

• Bukwildz
• Canadian Tire -Sylvan Lake
• Sylvan Steam + Spa
• Sylvan Agencies
• Servus Credit Union
• Coverdale's No Frills

2019 Business Satisfaction Survey Now Underway

The Town of Sylvan Lake has engaged the Sylvan Lake Chamber of Commerce to conduct a Business Satisfaction Survey. The survey collects data on several topics related to the economy, business operating environment, and Town of Sylvan Lake business-related services. The level of satisfaction will be utilized as a baseline figure in the Municipal Sustainability Plan (MSP).

$100 gift card draw will be made at the conclusion of the survey

As an incentive to make the time to take the survey, each business will be entered into a draw for 100 dollars. Only one representative per business may take the survey, ideally the business owner or most senior manager.  Please note that this survey will remain open until September 5th, 2019.

Take the survey

Past surveys of Sylvan Lake Businesses were conducted in 2015, 2016, 2017 and 2018, the results of which are posted below.

• 2015 Home Based Business Survey
• 2015 Waterfront Commercial District Survey
• 2016 Retail Survey
• 2017 Professional Scientific and Technical Services Survey
• 2018 Oil + Gas and Manufacturing Survey
• 2019 Response Town Administration Response

FREQUENTLY ASKED QUESTIONS

Q. Who participates in the Business Satisfaction Survey?

All businesses in Sylvan Lake, including home-based businesses may take the survey. Only one person per business may participate. The survey discusses high-level issues and is designed for the business owner, CEO/President/Vice President/Primary Manager.

Q. How is the Business Satisfaction Survey conducted?

The survey is web-based. Questions were approved by the Economic Development Officer and the Business Recruitment Team (BRT). 

Q. Are the responses confidential?

Yes, all responses to the Business Satisfaction Survey are confidential. Business names are not individually identified and will not be included in the final report. Results are aggregated.

Q. What are the results used for?

The survey is shared with Town of Sylvan Lake Council, administration and the business community.The level of satisfaction will be utilized as a baseline figure in the Municipal Sustainability Plan (MSP), and allows the Town to be made aware of challenges faced by businesses in Sylvan Lake.