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The provincial government has announced several initiatives to address cash flow and access to credit for small and medium sized businesses in Nova Scotia:

• The Small Business Impact Grant provides a one-time grant equal to 15% of revenue from sales, either from April 2019 or February 2020, up to a maximum of $5,000 to eligible small businesses, non-profits, charities and social enterprises who have had to close or greatly reduce operations because of the public health order. 

• The COVID-19 Rent Deferral Support Program will indemnify qualified landlords for losses incurred as a result of granting a rent deferral to qualified businesses directly impacted by the Health Protection Act orders related to the COVID-19 pandemic.

• Payment deferrals until June 30 on all government loans, including those under the Farm Loan Board, Fisheries and Aquaculture Loan Board, Jobs Fund, Nova Scotia Business Fund, Municipal Finance Corp. and Housing Nova Scotia. 

• Fees, including business renewal fees and workers compensation premiums, will be deferred.  A list of applicable fees will be posted online.

• Changes to the Small Business Loan Guarantee Program, administered through 15 provincial Credit Unions, include deferring principal and interest payments until June 30.  

• Other changes to the Small Business Loan Guarantee Program include enhancing the program to make it easier for businesses to access credit up to $500,000.  Other changes to this program will be announced soon.  

For more information click here.

Under Section 14 of the Emergency Management Act, the Minister’s directive has been updated to prohibit companies, corporations, co-operatives, societies and other businesses in Nova Scotia, including condominium corporations and statutory corporate boards, from holding any statutorily required shareholder or member meetings in-person if it requires a gathering of more than five people. In place of required in-person meetings, virtual meetings and meeting deferrals are recommended.

Read through the updated Order here.

The Halifax Chamber of Commerce’s pandemic webinar series continues this week with two more free webinars:

“Working with your Financial Institution during COVID-19”
Presented By: Kellie Sauriol, RBC.
Date: Wednesday, April 15
Time: 10:00 – 11:00 a.m.
Price: FREE
Click here for more information or to register.

“Business Planning Through A Crisis”
Presented By: Sean Stuart and Robert Dean of MNP LLP.
Date: Thursday, April 16
Time: 2:00 – 3:00 p.m.
Price: FREE
Click here for more information or to register.

Highlights:

• Nova Scotia reported its third COVID-related death. As of April 13, 2020, there are 474 confirmed cases in the province.
• 211 has launched a new service to connect people needing COVID-19 assistance with the Canadian Red Cross. The Red Cross will act as a navigator to link people to the services they need. The Red Cross will also offer wellness check-ins for Nova Scotians who are isolated and experiencing loneliness and anxiety
• Payment for more than 480 small-business fees will be deferred until June 30 to keep cash in small business hands
• Applications are now open for the $40 million Worker Emergency Bridge Fund and Small Business Impact Grant as of Friday, April 10. Seehttps://novascotia.ca/coronavirus/#support  for more information.