Right now, small and mid-sized (SMB) businesses face renewed uncertainty around COVID-19.
Across North America, cases continue to rise in several hotspots as we begin autumn, a period typically tied to colder weather and flu season.
Ongoing worries about new shutdowns come at a time that the Canadian government is poised to transition away from its emergency lending programs and streamline unemployment benefits. On September 27, Canadian officials plan to transition to a “simplified Employment Insurance (EI) program” star, according to a report from Employment and Social Development Canada. The program will shift toward benefits for individuals who are unable to work.
Meanwhile, politicians have shown little willingness to address small business lending again ahead of a partisan election season in the United States.
Small businesses should operate under the assumption that governments are tapped out and new programs are not coming soon. Rather than seek funding from traditional banks, small businesses should be aware of a fast, practical solution that can put working capital into their accounts within one business day. Let’s break down your options.