Small businesses have been facing unprecedented challenges during the COVID-19 pandemic and will continue to do so as they take steps toward reopening. To help them get through this crisis, the Government of Canada has introduced a wide range of supports to help businesses retain their employees, keep their costs low and pay their operating expenses.
The smallest businesses may face the additional challenge of accessing tailored financial planning advice to help them survive this difficult period.
Today, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced that the Government of Canada will support the launch of a four-week hotline service called the Business Resilience Service. This service will help entrepreneurs and small business owners in need of financial planning advice, particularly those who may not have access to an accountant. The service will also be open to not-for-profit organizations and charities.
The hotline is a national, bilingual service operated by the Canadian Chamber of Commerce. As of today, small business owners with pressing financial needs can call 1-866-989-1080 (toll-free) seven days a week, from 8 a.m. to 8 p.m. (ET).
Business advisors—125 members of Chartered Professional Accountants Canada (CPA Canada)—will be available to provide customized financial guidance to the smallest business owners in the most urgent need and help them make the best decisions for their business as they navigate this crisis. Advisors can answer questions about tax regulations and the implications of COVID-19, inform business owners about government support programs that best fit their unique circumstances, and provide strategic financial planning for their road to recovery.
Every step of the way through this crisis, the government will continue to support Canadian business owners and entrepreneurs—especially vulnerable businesses in dire need of help.