Thank a Hero Thursdays (April 27, 2020)
Business Interruption Coverage (April 6, 2020)
Update from the CEO's Desk (April 2, 2020)
'Allowable Business' Designation & Carrier Bulletins (March 25, 2020)
The Essential Role of the Insurance Supply Chain (March 24, 2020)
Update on IBAS Member Issues Related to COVID-19 (March 21, 2020)
CE Requirements for Licensing (March 19, 2020)
IBAS has created a central repository for COVID-19-related bulletins issued by insurance companies represented in the province. Click here for access. Please note it is available to members only. If you have misplaced your username and password, or if you need to create one, contact Kyle Halvorson at email@example.com or (306) 525-4076.
Provincial Supports for Business
The Government of Saskatchewan has established a Business Response Team to assist companies in navigating the myriad of provincial and federal supports available. Representatives are available between 8 a.m. – 8 p.m. at firstname.lastname@example.org or by calling 1-844-800-8688.
Re-Open Saskatchewan Plan
On April 23, the Government of Saskatchewan unveiled its five-phase strategy to gradually and methodically begin to loosen restrictions put in place due to COVID-19.
COVID-19 Information Portal
This site has all the latest COVID-19 news and information from the Province, including updated statistics, public health measures, a self-assessment tool, and more.
Three-Month PST Deferral
Saskatchewan businesses that are unable to remit their PST due to cash flow concerns will have three-month relief from penalty and interest charges. Requests must be made electronically.
Managing Staffing & Leave
This information will help you manage your HR requirements, work-sharing options, layoffs, and employee leave.
Crown Utility Bill Deferral
All Crown utilities have implemented programs allowing a zero-interest bill deferral for up to six months for Saskatchewan customers whose ability to make payments may be impacted by the COVID-19 restrictions.
Federal Supports for Business
The Government of Canada has created a dedicated page on its website to help businesses determine what COVID-19-related programs may be available. This information is being updated several times a day, so check back often. We also suggest you download the Canada Business App on your mobile device, which we've found to be a helpful resource.
Here are a few of the supports that may be most applicable to brokerages:
Canada Emergency Wage Subsidy
This subsidy provides up to 75% of employee wages for up to 90 days, retroactive to March 15. The subsidy will be on the first $58,700 earned, which can result in a maximum of $847 per employee per week. There is no limit to the amount any one company can claim, but companies must be able to demonstrate a 30% reduction in revenue compared to the same month one year prior.
Work-Sharing Program Enhancements
This program is for eligible employers and their employees where the employer can demonstrate a recent decline in business activity of at least 10%, and a temporary decrease in employee hours of 10% – 60%. Temporary measures (effective through March 14, 2021) are available where the decrease is related to the impact of COVID-19. This provides EI benefits to eligible employees who agree to reduce their normal working hours and share the available work while the employer recovers.
Corporate Income Tax Return & Payment Deferral
Under this initiative, corporations with a tax return due date after March 18, 2020 and before June 1, 2020 can defer filing until June 1, 2020. Corporations, meanwhile, that owe income tax balances or installments on or after March 18, 2020 and before September 1, 2020 have until September 1, 2020 to remit these amounts. No penalties or interest will apply to any tax returns filed or payments made on or before the extended due dates.
Canada Emergency Business Account
Small businesses with 2019 payrolls of at least $50,000 and up to $1 million may apply for this program to help cover operating costs. The CEBA provides interest-free loans of up to $40,000; full repayment on or before December 31, 2022 will result in loan forgiveness of 25%. Contact your financial institution directly to apply for a CEBA loan.
Business Credit Availability Program
This is a co-lending program facilitated through the Business Development Bank of Canada (BDC) to provide term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts up to $6.25 million, with BDC's portion of this program contributing up to a maximum of $5 million per loan.
General Business Resources
Insurance Industry Resources
Webinar: Commercial Lines Data Standards & Certification (May 27, 2020)
Webinar: Ransomware - What Brokers Need to Know To Be Protected (April 23, 2020)
Trufla Technology Webinar: Operating a Brokerage Remotely (March 25, 2020)
IBAS COVID-19 Concierge Service
As members, you are our priority. IBAS is committed to supporting you in any way we can during the COVID-19 crisis. Have a question you'd like us to find an answer to? Send it our way using this simple online form:
Have a legal question you need answered? Contact IBAS's own legal counsel Warren Sproule, with Kanuka Thuringer LLP, at email@example.com or (306) 596-9308.
Thank You to Our Partners
IBAS wishes to sincerely thank the following partners that have deferred sponsorship contributions for cancelled events to support the association’s COVID-19-related response and member services: