The COVID-19 pandemic has had a profound impact on small businesses’ ability to operate. According to a survey conducted by Statistics Canada in late 2020, small businesses reported suffering deeper financial distress than their larger counterparts.
More than half of Canadian businesses reported a decrease in revenue from 2019, but small companies suffered the deepest losses. According to the survey, approximately 20% of small businesses reported revenue losses of over 40% from 2019. The Canadian Federation of Independent Businesses surveyed its members in October and said that only 26% reported normal sales volumes in 2020.
Although news of promising COVID-19 vaccines has offered hope that the pandemic might be under control by the summer of 2021, many small businesses need help weathering the dark winter to stay solvent.
Fortunately, the government’s COVID-19 Economic Response Plan and provincial governments offer significant resources and services for small businesses facing economic hardship.
Table of Contents
Looking for Group Health Benefits? Get a quote now and compare.
GroupEnroll.ca can help you save time and money when comparing Canada’s major group health insurance providers. Try it now!
Rent and Mortgage Support
Canada Emergency Rent Subsidy (CERS) for Small Business Support
It’s natural to expect all employees to work hard to make the business successful, but overworking can lead to employee burnout. Without a work-life balance, your employees could become too stressed or tired, resulting in higher absences and reduced productivity. It’s best to foster a healthy work-life balance in your team with specific start-stop times or flexible scheduling.
Insurance Mortgage Purchase Program Small Business Support
It’s natural to expect all employees to work hard to make the business successful, but overworking can lead to employee burnout. Without a work-life balance, your employees could become too stressed or tired, resulting in higher absences and reduced productivity. It’s best to foster a healthy work-life balance in your team with specific start-stop times or flexible scheduling.
Small Business Support for Payroll
Canada Emergency Wage Subsidy (CEWS)
It’s natural to expect all employees to work hard to make the business successful, but overworking can lead to employee burnout. Without a work-life balance, your employees could become too stressed or tired, resulting in higher absences and reduced productivity. It’s best to foster a healthy work-life balance in your team with specific start-stop times or flexible scheduling.
Employment Insurance (EI) Work-Sharing Program
Employees need feedback to improve their performance, but businesses also need to hear about their workers’ concerns about workplace culture, management, benefits, and other processes and procedures. When you take in feedback, be open and honest about your actions to address their concerns and make improvements. When you have transparency about the business’s steps to enhance the workplace and internal processes, employees will know that their superiors listen to their input.
Self-Employment Small Business Support
Canada Recovery Benefit (CRB)
It’s natural to expect all employees to work hard to make the business successful, but overworking can lead to employee burnout. Without a work-life balance, your employees could become too stressed or tired, resulting in higher absences and reduced productivity. It’s best to foster a healthy work-life balance in your team with specific start-stop times or flexible scheduling.
Canada Recovery Sickness Benefit (CRSB)
Employees need feedback to improve their performance, but businesses also need to hear about their workers’ concerns about workplace culture, management, benefits, and other processes and procedures. When you take in feedback, be open and honest about your actions to address their concerns and make improvements. When you have transparency about the business’s steps to enhance the workplace and internal processes, employees will know that their superiors listen to their input.
Some employees may reduce their productivity or seek other employment if they do not feel they have a clear path toward a career. Offer developmental training and support like career mentoring to prepare employees for the next step in their professions. Always communicate with them about the company’s various opportunities and offer ways for them to earn a worthwhile promotion.
Canada Recovery Caregiving Benefit (CRCB)
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
RELATED ARTICLE
A Guide to Group Insurance Benefits and Coronavirus (COVID-19) in Canada
Group Benefits and Coronavirus Canada. These two terms have been raising serious questions from HR pros everywhere. Understand how the two collide here.
Minority-Owned Small Business Support
Black Entrepreneurship Loan Fund
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Indigenous-Owned Small Business Support
Relief Measures for Indigenous Businesses
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Indigenous Community Business Fund
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Loans and Financial Services for Small Businesses
Canada Emergency Business Account (CEBA) Interest-free Loans
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Loan Guarantee for Small Businesses
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Co-Lending Program for Small Businesses
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Regional Relief and Recovery Fund (RRRF)
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Bank of Canada Support
It’s nearly impossible for someone to remain happy in a hostile environment. When you take steps to reduce workplace bullying and encourage open communication and positivity, your workers will have more excitement about being a part of the team. The sense of inclusion usually translates to a willingness to collaborate with colleagues and improved creativity.
Guidance for Reopening Your Small Business
As surges in COVID-19 cases continue to close small businesses for short or more extended periods, the government is here to help you prepare your business for reopening and ensure that your staff and customers stay safe and healthy. The Canadian Centre for Occupational Health and Safety continues to deliver guidance on how companies can safely operate during the pandemic.
Guidance by Province or Territory
Before you reopen your business, refer to information from the Public Health Agency of Canada as well as from your provincial or territorial public health authority:
Communications Templates, Printable Signage, Toolkits, and Resources
- Communications advice, templates, and ready-made signage
- Prevention infographics and posters
- Multi-lingual handwashing posters
- Pandemic tip sheets for specific occupations and industries
- Resources to prevent the spread of COVID-19 in the workplace
- Business reopening toolkit
- Small business help center
- Risk mitigation tool for workplaces/businesses operating during the COVID-19 pandemic
RELATED ARTICLE
Coronavirus (COVID-19) Small Business Loans in Canada
As the pandemic still rages on, more owners are looking for small business loans in Canada. We have put together a summary of each government program to help.
Group Benefit Plans: Help Reduce Small Business Overhead
With COVID-19 rocking the economy, it’s more important than ever for small and medium-sized businesses to reduce operating expenses across the board.
Although some companies think cutting employee benefits is an excellent way to reduce overhead, that can be a mistake. A well-designed group benefits plan is critical in attracting and keeping good staff while ensuring their health and productivity.
If you’re looking to cut costs, don’t sacrifice group benefits. Instead, get in touch with our team.
At Group Enroll, we aim to offer the simplest solution to shopping for group benefits for your staff. Just fill out our request form, and we’ll deliver quotes from Canada’s top insurance companies in three days or less.
Types of Group Benefits Plans for Small Businesses
Businesses with as few as two employees can benefit from group insurance, which is available with a variety of coverage options, including prescriptions, dental, vision care, health care, hospital coverage, long- and short-term disability, life and accident insurance, critical illness insurance, and travel insurance.
As brokers, we can quickly obtain your quotes from almost all major Canadian insurance providers, including:
- Blue Cross
- Desjardins
- Green Shield Canada
- Empire Life
- Equitable Life
- Great-West Life
- Industrial Alliance
- Manulife Financial
- Nippon Life Insurance Company
- RBC Financial Group
- Sun Life Financial
- The Co-operators
- Wawanesa
Extended Health Care Group Benefits for Small Businesses
Offering extended health care benefits is a valuable way to attract the best staff. These benefits cover services not covered by government-run plans and can be tailored to meet your budget.
Services covered by extended health care group benefits include:
- Prescription drugs
- Paramedical services
- Acupuncturists
- Audiologists
- Chiropractors
- Chiropodists
- Dieticians
- Naturopaths
- Osteopaths
- Physiotherapists
- Podiatrists
- Psychologists
- Speech therapists
- Supplies and medical services
- Canes
- Crutches
- Hearing aids
- Hospital beds
- Insulin syringes
- Kidney dialysis equipment
- Orthopedic shoes
- Oxygen supplies
- Prostheses and braces
- Vision coverage
- Eye exams
- Prescription glasses
- Contact lenses
- Hospital coverage for private hospital rooms
- Out-of-province emergency medical care
- Other health care benefits
- Ambulance transport services
- Accidental dental service
- Private duty nursing
Group Dental Insurance for Small Businesses
Group dental insurance assists plan members with expenses incurred by specific dental procedures. They often provide coverage for treatments not covered by government-issued health plans. There are three types of group dental plans:
- Basic dental services
- Dental Exams
- X-rays
- Cleanings
- Scaling
- Polishing
- Fluoride
- Fillings
- Extractions
- Periodontic services
- Endodontic services, including root canals
- Major restorative services
- Dentures
- Bridges
- Crowns
- Inlays
- Onlays
- Orthodontic services
- Dentures
- Braces
- Wires
- Other mechanical aids designed to straighten teeth and correct dental issues
Group Disability Insurance for Small Businesses
Protecting employees from the financial burdens associated with extended disabilities or illnesses is essential, especially in dangerous or high-risk industries. Losing income for months can profoundly affect your valued staff’s finances. There are two types of group disability insurance:
- Short-term disability: Designed to protect an employee from any loss of income incurred by an accident, illness, or injury that temporarily prevents them from working. The policy provides the employee with a percentage of their income to help manage expenses.
- Long-term disability: Provides employees with protection in the event of accidents, illnesses, or injuries to cover an extended absence from work. Employees with long-term disability insurance typically receive between 60% and 70% of their regular income.
Group Life Insurance for Small Businesses
Most group benefits packages include group life insurance coverage. This benefit is usually provided at little or no additional cost to employees and often allows them to cover their family as well. A typical group life insurance package includes:
- Accidental death and dismemberment insurance
- Critical illness insurance
- Dependent life insurance
- Employee basic life insurance
Group Retirement Savings Plans (RRSP) for Small Businesses
A great way to reward your staff for their hard work is through a Group Registered Retirement Savings Plan. An employee’s RRSP contributions are deductible, which helps reduce their income tax. With group RRSPs, employers typically match a portion of their staff contributions, which is a desirable benefit for your team.
Health Care Spending Account (HCSA) for Small Businesses
A Group Health Care Spending Account is a cost-effective way to provide medical and dental benefits to your staff. The plan benefits both employees and employers, as the employees receive the benefits tax-free while the company can claim them as a tax-deductible expense.
Employees can use HCSAs to cover a variety of medical expenses, including:
- Cosmetic surgical procedures
- At-home care (when required)
- Over-the-counter prescription drugs
- Modifications to your home for medical purposes
- Prescription drugs
- Prescription glasses and contact lenses
- Paramedical services, such as massage therapy or physiotherapy
- Dental services and expenses not included in traditional dental plans, such as bridges and crowns
Need Small Business Support? Get a Quote from Group Enroll
Although many small businesses have been hit hard by the COVID-19 crisis, companies have taken to expanding their group benefits in the interest of protecting employees’ health and well-being.
The pandemic has exacerbated anxiety and stress in all areas of life. Rewarding your staff with enhanced group benefits will give them a sense of security and allow them to be more productive.
At Group Enroll, we make it quick and straightforward for you to find the right solution for your staff and your business. We understand that under the current crisis, your time is more valuable than ever. That’s why we make it easy for you to get quotes on available plans and evaluate their features, benefits, and costs. Request a quote today.