E-commerce giants offer cash advances, waive fees and more amid COVID-19 [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
E-commerce giants offer cash advances, waive fees and more amid COVID-19 The Canadian Press Canadian businesses struggling amid the COVID-19 pandemic are getting some relief from the e-commerce platforms they use to sell their goods and services. E-commerce companies including Shopify Inc., Amazon.com Inc. and EBay Canada are trying to help businesses grappling with the impacts of COVID-19 by offering cash advances, waiving fees and pausing loan repayments. The moves come as companies across Canada are struggling to stay afloat amid physical distancing measures that have shuttered brick-and-mortar stores and had to resort to layoffs and pay reductions to cover mounting bills. According to surveys from the Canadian Federation of Independent Business, 56 per cent of small businesses have no more capacity to take on debt during this emergency, 30 per cent do not have cash flow to pay bills accrued in April and 39 per cent are worried about permanent closure. With numbers like those in
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