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Greater Niagara Chamber of Commerce

COVID-19 Business Update: September 29th, 2020

The Parliamentary Budget Office (PBO) has released new figures indicating that the federal deficit for the year is on track to hit $328.5 billion as a result of COVID-19
Information on government grants, resources, and programs, and how to apply for them, is available here.
The Government of Canada has a support page with summaries of current programs and application portals.

Vital updates:

  • The Parliamentary Budget Office (PBO) has released new figures indicating that the federal deficit for the year is on track to hit $328.5 billion as a result of COVID-19, including an estimated $225.9 billion in emergency aid in response to the pandemic. Relative to the size of the economy, the deficit amounts to 15 per cent of gross domestic product (GDP), making it the largest over 50-plus years of comparable data.
  • The Financial Consumer Agency of Canada (FCAC) has made information available on mortgage deferrals to help consumers understand their options as the mortgage deferrals introduced in the initial stages of the COVID-19 pandemic begin to expire. As mortgage deferrals begin to expire, FCAC encourages consumers who foresee challenges in making their payments to speak with their lender about available relief options. Some consumers may be eligible for extended relief from their financial institution on a case-by-case basis. Other options for consumers include extending their amortization period (the length of time they have to pay off their mortgage in full) or opting for an early renewal to benefit from a lower interest rate.
  • How comfortable are you attending in-person events? The GNCC is conducting a survey to assess our members’ current attitude towards events held in person. The GNCC has been holding all of its own events virtually since March. The survey contains 3-6 questions, depending on your answers, and should take no more than 1-2 minutes to complete.

Reading recommendations:

If you are showing symptoms, contact your health care provider, call the Public Health Info-Line at 905-688-8248, or chat to Public Health online. For testing, call 905-378-4647 ext. 42819 (4-CV19) for information on test centres in Niagara and to book an appointment.

Remember that a COVID-19 test is only a snapshot of your health on the specific date and time the swab was taken. No testing is perfect and a negative result doesn’t mean you haven’t been exposed to COVID-19. You can still develop symptoms days after your test was taken.

It is important that everyone practice physical distancing to prevent the spread of COVID-19. Maintain a 2-metre distance from other people. When maintaining distance is impossible, wear a mask or face covering. Wash hands frequently and thoroughly. Avoid touching the face. If you have recently traveled outside the country, you are legally required to self-isolate for 14 days.

Previous updates can be accessed here.

Stay safe and be vigilant. The GNCC is here to support you. Contact us with any questions you have.

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