FROM OUR CHAIR
COVID-19 As I write this in mid-April 2020 I cannot predict with any certainty how COVID-19 will evolve and the extent of the impact it will have on our community and our local and national economies. COVID-19 is a black swan event that has largely taken the world by complete surprise. As of April 16, 2020, there are over 2,000,000 cases worldwide and we have seen over 139,000 deaths with 440,471 recoveries. More than 211 countries are now reporting positive cases of COVID-19 as the virus has spread globally, impacting communities, ecosystems, and supply chains around the world. One thing, however, appears certain, this event will have global economic and financial ramifications and our economy will suffer, at least in the short term. We recognize that even in the early stages of this pandemic the impact on certain areas of the economy such as tourism, non-essential retail, personal services and home-based services, has been significant and is likely to worsen. That said, as your Board of Trade, we remain more committed than ever to assisting businesses in Mississauga as they tackle the impacts of this global pandemic. We have mobilized and will continue to mobilize our resources to provide you with timely and relevant information that can assist you in addressing the challenges posed by COVID-19 in your workplaces and ensuring the continued viability of your businesses. MBOT is here to inform and equip businesses with the most important and up-to-date information to ensure we are all adequately prepared to protect our families, our community and our businesses. At a recent virtual roundtable meeting with the Mayor and councillors of the
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– The Black Swan
City of Mississauga, representatives of MBOT and other local business organizations shared some of the key concerns facing business owners in Mississauga: • The impact that full and partial closures will have on their longterm sustainability • Local and global economic impacts including trade, supply chain continuity and access to products and services • Human resources implications and; • Tax payment deferral for business while this crisis continues The federal government has announced that it will provide up to $107 billion in direct support to Canadian workers and businesses, including $52 billion in direct support payments and $55 billion in tax deferrals, to meet the liquidity needs of Canadian businesses and households. Of the direct support, up to $24 billion is allocated to cover CERB (Canada Emergency Response Benefit) for people who cannot work because of illness, self-isolation, caring for a sick person or child-care issues, contractors, freelancers and gig economy workers, who otherwise would not be covered under existing EI rules. Two key types of assistance are being made available for small businesses: a loan program and two wage subsidies. The first wage subsidy known as TWS (Temporary Wage Subsidy) will pay 10 per cent of salaries, from March 18, 2020 to June 19, 2020, for some small businesses that keep workers on the payroll. This program is currently capped at $1,375 per employee and $25,000 per employer. The second wage subsidy known as CEWS (Canada Emergency Wage Subsidy) will cover
SUSANNE BALPATAKY 2020 MBOT Chair Speigel Nichols Fox LLP
CONNECT | 2020 ISSUE 2
