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:
- 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.
- 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
- 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/