Times are tough but we have to make the best of it.
Today, we are grateful for Canada and the Covid-19 Economical Respond Plan Prime Minister Justin Trudeau and his team have rolled out during this crisis. The Support Plan is available for both businesses and individuals who need it the most.
In an effort to provide actionable knowledge to our community, we’ve gathered an updated list of benefits available to you:
Business Owners: Backbone of Our Economy
Thankfully, business owners have a plethora of help available.
The Economical Respond Plan will assist with 75% of monthly payroll and or 10% of remunerations. Each subsidy will have its own list of qualification and the Government has estimated timeline for funds to reach employers is approximately 6 weeks:
- The 75% subsidy will be available for qualifying businesses for a period up to 3 months retroactive to March 15 (March 15 – June 6) covering the first $58,700 of salary up to a maximum of $847 per week
- Employers must apply showing that their revenue fell at least 30% compared to the same month last year (this applies to March, April or May)
- Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities
- Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a CRA online portal. No further details have been announced as of now.
Temporary Wage Subsidy:
For employers that don’t qualify for the 75% subsidy, the 10% subsidy will still be available. The 10% Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency. The 10% will be calculated on the month’s gross payroll the Max incentive amount is $25,000.
Facebook is doing a good deed and donating $100M in cash grants and ad credits to businesses affected by the coronavirus within 30 countries. The philanthropist corporation has already rolled out the applications dates in the US but yet to be released in Canada. Sign up for updates to be among the first on the list.
Emergency Loan for small businesses:
If you are a small business with an annual payroll between $20,000 and $1.5 million in 2019, this subsidy should be available through your bank. Inquire within.
Canada Emergency Commercial Rent Assistance:
Prime Minister Justin Trudeau is promising rent support to assist small and medium-sized businesses amid the coronavirus pandemic. Full details are not yet released yet so make sure you follow up.
For Individuals: Canada Emergency Respond Benefit
Individuals who are scarce financially, also have full support of our Government.
The main one being CERB which provides $500 a week for 16 weeks if an individual has lost their job due to Coronavirus Disease. Make sure you sign up for a CRA account to receive direct deposits and funds faster.
Other Respond Benefits include, Rent Relief, Emergency Employment Insurance Benefits and a one-time special payment by early May 2020 through the Goods and Services Tax credit.
This GST bonus will be provided to low-moderate households and will increase individuals income by approximately $400 and close to $600 for Couples. This Government has forecasted this strategy will inject $5.5 billion into the economy.
Canada is not stopping there, The Prime Minister is also “Supporting women and children fleeing violence, by providing up to $50 million to women’s shelters and sexual assault centres.” This plan of action will prevent and monitor the virus outbreak in less fortunate places.
We hope you are eligible for some of these benefits to lower the severity of COVID-19 . Remember to check for updates as the Government of Canada will take further action as the COVID-19 outbreak precedes.
For Tips and Tricks on how to create a competitive advantage for your business during this downtime, this article could direct you.
And remember, there is always a rainbow after the rain.