Like most of you ACEC-NB is keeping track of updates from the Prime Minister, the Premier and the Provincial Health Officer and we encourage our member firms to follow their advice in an effort to flattening the curve and keep all New Brunswickers safe.
ACEC-NB firms have stepped up during this crisis, and many are continuing business operations as much as possible. To that end, ACEC-NB has been working to ensure that timely and accurate information reaches our membership, as well as continuing our advocacy efforts to help minimize the impact on our member firms.
Last week we obtained feedback from our firms that in turn helped us focus our initial advocacy efforts with elected officials and clients. Here is what you said:
- 72% of firms are “somewhat or very” concerned about the short-term stability of your firm;
- Over half are “extremely or very” concerned about the long-term stability of your firm;
- Under current conditions firms could stay financially viable 3-12 months, with the majority answering 6 months;
- 63% anticipate they will need to lay off employees in the next 3 months;
- 81% said they already have or plan to take advantage of government programs;
- When asked what can ACEC-NB be doing to help your business: the main message was to advocate to government that firms are open for business and that we need the government to be open for business.
Full survey results can be found here.
Feedback from the survey indicated member firms were looking to stay informed about government and other financial programs, we have complied a list of some resources that may be of help to you and your firm.
COVID-19: Changes to Canadian taxes & benefits | Canada Revenue Agency
Atlantic Canada Opportunity Agency (ACOA)
Work Sharing Program | Government of Canada
Resource for Canadian Business | Trade Commissioner Service
COVID-19 Programs & Services | Innovation Canada
Business Credit Availability Program | BCAP
Support for entrepreneurs impacted by COVID_19 | BDC
COVID-19 | Export Development Canada
Benefits & Services: Employment Insurance | ESDC
COVID-19 Guidance for Business | Government of NB
Government financing programs for small/medium business |
Pandemic Preparedness and Responding to COVID-19 | Deloitte
Below is a brief provincial update as of March 31, 2020
Programs for businesses include:
o Elimination of interest on WorkSafeNB assessment premiums.
o Deferring interest and principal payments on existing Government of New Brunswick loans.
o Up to $25 million in working capital for New Brunswick small business owners (Small business owners will be eligible for loans up to $200,000)
o Up to $25 million in working capital for medium-sized to large employers: (Working capital of more than $200,000 to help medium-sized to large employers manage the effects of COVID-19 on their operations)