March 30, 2020
Week 3 Landscape COVID-19 Updates and Resources
2 Major Banks offering Deferrals and Assistance in BC
(Note: Diane Murphy of BMO indicated that this information would apply to landscapers and garden retailers as well as nursery growers. Check with your own bank to see what assistance is available)
From Diane Murphy, VP Business Banking, Agriculture Markets, BMO
We wanted to reach out and give you a sense of BMO’s recently announced COVID support program, which includes support for our agriculture clients.
A streamlined approach to approve COVID-19 relief for qualifying clients is available as follows:
• Principal payment deferral for up to 6 months
• Small Business Borrowers – up to 25% temporary increase on existing unmargined operating/working capital loans for a period of up to 6 months
• Business Banking Borrowers – up to 10% temporary increase on existing unmargined operating/working capital loans for a period of up to 6 months We understand that 6 months of deferral may not be adequate for annual crops; however, it should be noted that this gives us the required capacity to follow-up with a tailored solution for our clients through our usual credit approval process.
Our Agriculture Managers are reaching out to your Teams, and our Relationship Managers are reaching out to our clients in the landscape nursery industry, as we try to understand potential impacts to the industry and prioritize our client’s needs. Please let us know if you have any recently identified industry concerns so that we can ensure that they are considered in the prioritization process.
Please let us know if there is anything BMO can do to further support your Team or our local producers.
From Melanie J Lantz BSc.Ag P.Ag | VP Agriculture & Agribusiness | RBC
Like all of the major financial institutions in the marketplace, we have deployed our staff and all of our resources throughout the Bank to work closely with our personal and business clients to help support them through this volatile and challenging time. Please follow this link to access our COVID-19 Home page – How RBC is Helping clients. It is a live page with a multitude of resources ranging from Branch closures, Business and personal contact numbers, and most importantly for your members, they can locate information on the Business Relief program we have implemented.
It has been the primary focus for all of our Small Business and Commercial Account Managers to reach out to our clients these past two weeks either by phone or email. If your members have not been contacted or are not aligned with an Account Manager, please ask them to follow one of the links I’ve added above to obtain more information, call 1-800- ROYAL-20, or even give me a call. I am happy to learn more about who they are, what they need, and who I can connect them with to assist.
Government of Canada Increases Wage Subsidy
March 27, 2020
Prime Minister Justin Trudeau has announced a major increase to the wage subsidy for small- and medium-sized businesses, boosting it to 75 per cent, up from the 10 per cent previously promised, backdated to March 15
The federal government is launching a special emergency business account for small businesses that will see banks offer $40,000 government-guaranteed loans interest-free for the first year. If certain conditions are met, the first $10,000 will be forgiven.
As well, an additional $12.5 billion is being made available through federal programs, to help with “operational cash flow requirements,” and HST and GST payments are being deferred until June,
ON March 27 the Government of Canada had not posted information on their website. This information was taken from CTV News. More information is available here.
March 30,2020 update from the Government of Canada website
Providing small business with wage subsidies
“We announced an up to 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll.
More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.”
WorkSafeBC is postponing the payment deadline for Q1 2020
In light of the uncertainty and challenges many employers are facing during the COVID-19 (coronavirus) outbreak WorkSafeBC announced a postponed deadline for payment for Q1 2020. Details are available on the WorkSafeBC website.
Links Shared by Affiliates
Throughout the industry organizations are working hard for their members and sharing the results of their work. Below are some of the resources put together by provincial and state associations and affiliated organizations.
AgSafe: Emergency Planning Resources
BCAC: COVID-19 Update
California Landscape Contractors Association: COVID-19 Information for Green Industry Professionals
Landscape Ontario: LO COVID-19 Resource Hub
Ohio Landscape Association: Regarding COVID-19
Vertical Bridge HR: Special Bulletin Update Managing COVID 19 in the Workplace
HOW TO NAVIGATE YOUR CONTRACTING BUSINESS THROUGH A CORONA VIRUS ECONOMY
Presented by Danny Kerr, Break Though Academy
Date: Wednesday, April 1, 2020
Time: 11:00 a, PDT
Strategic Planning for the COVID Economy
Presented by Warren Coughlin
Previously recorded and available here.
How to Survive the COVID-19 Downturn
Presented by Kevin Kehoe
Date: Tuesday, March 31, 2020
Time: 10 am PDT