How Does The Government Help Small Businesses – As the days go by, COVID-19 continues to wreak havoc, causing more and more businesses around the world to close their doors to customers. Not all companies can get their employees to work from home and so the economy takes a hard hit at times like these.
For marketing agencies that help small businesses grow, it can also hurt your business, which in turn can hurt your client’s business operations.
How Does The Government Help Small Businesses
Governments around the world have taken a range of measures to provide immediate and crucial assistance to people and small businesses that have been hard hit by the COVID-19 outbreak.
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Prime Minister Justin Trudeau announced on March 18, 2020 that the government will take economic action to help people and businesses get through these difficult times.
The relief plan is expected to offer Canadians and businesses $82 billion in relief and support through wage subsidies, direct income support and tax deferrals.
People who are not on paid sick leave and are sick, quarantined, or caring for others at home can receive emergency benefits of up to $900 twice a week for up to 15 weeks.
Under the Canada Emergency Relief Benefits (CERB) program, the government pays eligible workers $2,000 per month in taxable benefits for up to four months.
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Canadians who have lost their jobs or are forced to work reduced hours due to COVID-19 are eligible for benefits under the Emergency Response Program, which has pledged up to $5 billion in assistance.
To help Canadians with their tax payments, the Canada Revenue Agency (CRA) has extended the deadline for filing tax returns to June 1, 2020. The business deadline has been extended to August 31, 2020.
For families who need additional financial support during the COVID-19 outbreak, the Government of Canada is providing a one-time special payment grant. Under this plan, the median income for singles and couples would be closer to $400 and $600, respectively. In addition, the government is proposing to increase the additional allowance to $300 per child.
Small businesses suffering lost sales due to COVID-19 can receive a three-month temporary wage subsidy to avoid layoffs. The grant is up to 75% of the employee’s salary, with a maximum of $1,375.
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Under the Business Loans Program (BCAP), many small and medium-sized businesses could receive more than $40 billion in additional support from the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
To continue lending capital from banks and mortgage lenders to Canadian companies, the government is buying up to $50 billion worth of insured mortgages under the Insured Mortgage Purchase Program (IMPP).
The Canadian government has announced bank loans of up to $40,000 for qualifying small businesses under the Canada Emergency Business Account to help combat the impact of COVID-19. These loans are interest-free for the first year.
In addition, EDC works with many financial institutions to provide small businesses with new business loans and term cash loans of up to $6.25 million.
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As a result of COVID-19, the United States federal government is implementing a number of actions to help its citizens and small businesses.
To help small businesses and other private and non-profit organizations weather the economic crisis caused by COVID-19, the federal government is conducting statewide loan assistance programs.
Under the Economic Injury Disaster Loan Program, the government is providing loans of up to $2 million to bail out businesses due to lost income.
Small businesses are eligible for these installments at a rate of 3.75%, while non-profit organizations are eligible for an interest rate of 2.75%.
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The tax return deadline for individuals with income up to $1 million has been extended to July 15, 2020, while the current tax return deadline is April 15, 2020. For companies with an income of up to 10 million US dollars, the tax payment period has been extended to this period. July 15, 2020.
Many U.S. states and cities have developed their own relief programs to help small businesses and nonprofit organizations survive the effects of the COVID-19 pandemic.
New York City businesses with fewer than 100 employees and a revenue loss of 25% or more are eligible for loans of up to $75,000 with no interest.
The City of San Francisco has established a COVID-19 Small Business Resilience Fund from which small businesses can receive up to $10,000 in funding to help pay workers’ wages and rent.
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Florida Florida has launched an Emergency Small Business Bridging Loan Program that allows small businesses to obtain loans ranging from $50,000 to $100,000 in special circumstances.
Massachusetts has announced a $10 million Small Business Recovery Loan Fund that will provide up to $75,000 to small businesses with fewer than 50 employees.
The US government’s Wage Protection Program provides $350 billion of forgivable loans to small businesses (fewer than 500 employees).
In addition, the government is helping small businesses through the CARES Act, which provides for the waiver of existing loans to small business administrations. Once implemented, small business owners will be exempted from making loan payments for the next six months.
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In addition to the announced support package of 30 billion
To support small businesses that have to pay sick pay to their employees due to absenteeism during COVID-19, the government is providing two weeks of statutory sick pay to small and medium-sized businesses.
People who self-isolate because they are too ill to work can receive sick pay of £94.25 a week for up to 28 weeks.
Businesses in the retail, leisure and hospitality sectors were eligible for grants of up to £25,000 with an estimated value of between £15,000 and £51,000.
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In addition, the Scottish Government has announced an £80m aid package to provide £3,000 in grants for small businesses that have suffered economic damage due to COVID-19.
As a relief, the Government is offering a one-off cash grant of £10,000 to small businesses eligible for business rates under the Small Business Rates Relief (SBRR) scheme.
The government will also announce a special business rate for businesses in the retail, leisure and hospitality sectors for the 2020-2021 financial year.
The Scottish Government has announced a £320m package to support businesses, including a 75% cut in business tax rates for businesses in the retail, hospitality and leisure sectors.
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The government has announced a temporary coronavirus business disruption loan scheme for companies that have ceased operations due to the COVID-19 pandemic.
Under this scheme, the government guarantees lenders 80% of the loan (up to £5m), helping small businesses become self-sustaining.
With many large companies also being affected by COVID-19, the Bank of England is buying short-term debt securities from such companies to facilitate the provision of credit to support them.
The European Union is one of the regions hardest hit by the COVID-19 pandemic. Various countries have developed aid programs and economic incentives to help their citizens.
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The French government has allowed small businesses in the country to defer income tax payments as well as interest payments by contacting the relevant tax authorities.
Additionally, businesses severely impacted by COVID-19 may receive additional relief due to the suspension of utility bills such as gas, electricity, water and rent.
For companies in Germany, the state provides benefits in the form of short-time work benefits, which enable companies to receive benefits if 10 percent of their employees are affected.
The Italian government has announced a €25 billion package aimed at helping the country’s citizens, workers and businesses. According to this package, the country will allocate 10.3 billion euros to provide temporary unemployment benefits to all sectors of the economy.
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The government will also support the domestic credit system by providing €5.1 billion to help small businesses get loans and grants to keep them running.
For small businesses and workers in the Netherlands, the government has made it possible for them to reduce their working hours and receive unemployment benefits if they are made redundant.
The deadline for paying income tax has been extended by three months, and small businesses forced to close due to losses will be compensated with up to €1,500 per month (maximum €3,500) for the next three months.
To combat the effects of COVID-19, the Spanish government is allowing small businesses to defer tax and debt payments for a six-month interest-free period. For citizens, the government makes it easy to cancel train tickets at no additional cost.
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