The federal government has announced the creation of a four-week hotline to help entrepreneurs and small business owners who need financial planning advice, particularly those who may not have access to an accountant.
On May 25, Mary Ng, minister of small business, export promotion and international trade, said the hotline will help those businesses that face a challenge of accessing tailored financial planning advice to help them through the COVID-19 pandemic.
CPAs to help entrepreneurs make the best decisions for their business
About 125 business advisors, members of the Chartered Professional Accountants Canada (CPA Canada) — will be available to provide customized financial guidance to the smallest business owners in the most urgent need and help them make the best decisions for their business as they navigate this crisis, said the government.
Advisors can answer questions about tax regulations and the implications of COVID-19, inform business owners about government support programs that best fit their unique circumstances, and provide strategic financial planning for their road to recovery.
Hotline is national and bilingual
The hotline is a national, bilingual service operated by the Canadian Chamber of Commerce. As of today, small business owners with pressing financial needs can call 1-866-989-1080 (toll-free) seven days a week, from 8 a.m. to 8 p.m. (ET).
The hotline is in addition to help governments have already announced, including the Canada Emergency Business Account (CEBA), the Canada Emergency Wage Subsidy (CEWS), and the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.
In late March, Advocis also launched a program that connects small business owners throughout Canada with a financial advisor in their area free of charge.
