Seeking Economic Relief - Top 5 Tips
Finding ourselves in the throes of an unprecedented global economic crisis, organizations across all sectors are keen to explore economic relief programs offered by the federal and provincial governments. However, it can be difficult to identify which programs apply and how to access them, depending on an organization’s sector, jurisdiction, size, and other important criteria. Here are some tips as you explore what is available to your organization.
Program eligibility can be tricky. It is essential to pay special attention to each program’s eligibility criteria to avoid being misled by inconsistencies. For example, the term “small and medium-sized businesses” varies by government and by program. You may also be surprised that some programs are available to your business where you assumed you weren’t eligible.
All good things must come to an end, right? Pay close attention to program availability and deadlines. While some deadlines have been extended, others have closed. And with news releases being published prior to program applications opening, a lot of information quickly becomes either outdated or inaccurate.
- Trusted Sources
Government pages for programs are the most frequently updated sources. Also, the McCarthy Tétrault Covid-19 Recovery Hub is full of relevant, detailed and accessible information about specific programs.
- Mitigating Risk
Significant government financial assistance rarely comes without strings attached. Make sure you fully understand the obligations your are committing to and set up systems to comply with them to the letter.
This will avoid potential regulatory actions, including fines and claw-backs, down the road.
- Corporate Reputation
Businesses should be aware of how stakeholders, including employees and the general public, will view their actions when accessing these programs. Stress testing is required to analyze what these resources will be used for and how this will benefit key stakeholders and meet the stated aims of the program. This will help avoid negative reputational impacts and potential litigation going forward.
We have been proactively monitoring relief programs, eligibility criteria and what it takes for organizations to be compliant. Our internal tools help us efficiently identify the programs most appropriate for your organization and any applicable restrictions. Our Strategic Advisory Committee also has comprehensive experience with navigating the challenges in effectively accessing and implementing these types of assistance and government interactions.
If you’re uncertain of which programs are available to you, we would be pleased to help.