Financial relief during the COVID19 pandemic

I sent this to my clients yesterday, but I’ll update it for everyone. It’s important to know this is my understanding only and I will change this post as I find out new information. There is a lot out there and it is hard to sift through it all.

Here are the resources I’ve come up with so far:

  1. Do you export?  If so go to https://www.edc.ca/en/exportwise-blog.html and you should be able to make an application for assistance there.
  2. Do you have employees?  You can reduce your remittance which if you are not accelerated will be due April 15, by 10% of the remuneration up to $1375 per employee and a total of $25,000.  If you are using a payroll service, make sure they take that deduction for you. We now have clarification on the subsidy and how it will work. You can get it by going here: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html?fbclid=IwAR1At8ixzQ5Dto_-M9yJm1Trjy6cpJLp28sLzbkXM-uxHtCXf1tM6jGyqeg
  3. Loan: First if you are at one of the big banks, call them today.  If you are not with a big bank apply for a  BDC loan at https://www.bdc.ca/en/financing/pages/default.aspx You will want to do that before the end of the week and it could take up to 4-8 weeks to get funds.   Note: call your local BDC office first and get your local contact for this.  You will need to email them the confirmation after step 5.

4. If you are a sole shareholder whose work has now dried up, and you are ill or caring from someone who is ill,  Log in to your https://www.canada.ca/en/employment-social-development/services/my-account.html account and apply for Emergency care benefits.

5. Facebook will be setting up a small business grant.  You can get information here: https://www.facebook.com/business/boost/grants

6. Call your insurance broker.  Ask if you have business interruption insurance.  Apply for it.

7. If you don’t normally qualify for EI because you’re an owner / manager, my CPA group sent this out today: Log into you “my account” and you can apply for the Emergency Care Benefit. It will average about $450 a week and start in early April. Note, however, that I just checked and I don’t see the link so we’ll keep checking. From the report I received: Emergency COVID Self Benefit will act as a catch all for anyone to whom the above does not apply. Similar to the Emergency Care Benefit but details are not yet available; Will include self-employment and sole proprietorship businesses 

Updated March 23 2020 https://www2.gov.bc.ca/gov/content/taxes/tax-changes/covid-19-tax-changes?keyword=covid There is a new Provincial action plan. So this will help you with any PST, EHT not filed or paid.

Updated March 24 2020 – Intuit (Quickbooks) has help – you can apply here for a gofundme account https://quickbooks.intuit.com/smallbusinesshelp/

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