Most things have changed since last week’s blog on programs and opportunities to help you mange through this pandemic crisis. The federal government has crafted significant changes to its support programs for small and large businesses, individuals, non-profits and registered charities.
The below is a summary of what we know as of April 2, 2020. It does not cover the details of the programs but is intended to keep you generally aware of how things are changing.
The massive changes, in an effort to provide more support, added complexity to deciding what is the best course of action. Our ongoing fight against this pandemic virus has many options to consider in deciding how to survive now and prosper later.
Contact us anytime, we continue to be here to guide you to determine what is best for your particular situation.
Federal Government
10% Wage Subsidy – This program is still in place and has not changed. Eligible companies can calculate their subsidy amount and apply it against the tax remittances from their payroll. A number of the payroll providers have completed their programming to calculate the subsidy. We have put together a tracking tool for those who do not have an automated system.
Canada Emergency Wage Subsidy – The federal government introduced this new program in an effort to provide more support to businesses to encourage them to re-hire laid off staff. Essentially eligible companies small and large calculate the dollar value of their subsidy and apply to the government for approval. There are a number of qualifications to consider in your calculation and how this program interacts with the other programs. We have a tracking tool for this program as well.
Canada Emergency Response Benefits (CERB) – This program is the combination of two earlier programs and its scope has been expanded to include a much wider range of individuals. The program will be accepting applications effective April 6 and will pay $2,000 every 4 weeks for those that qualify.
Canada Emergency Business Account (CEBA) – Interest free loans up to $40,000 are available to help businesses cover costs while experiencing reduced revenues.
GST – March and April remittances are due June 30 without any penalties, however the filings must be done on time.
PST – March and April remittances are due June 22 and again filings are to be done on time.
City of Winnipeg – Counsellors are scheduled to meet April 3 to vote on deferring property and business taxes and the TIPP enrollment fee.
Student Loans – Effective March 30 a 6 month payment moratorium is in place
Other Opportunities – the other organizations mentioned last week have options available to you.
The government has noted that although the initial screening process of the new programs is relatively simple they will be auditing claims after the fact for all programs. The expectation is people and organizations will show integrity and only make legitimate claims. This same type of integrity should be adhered to when negotiating deferrals or special payment terms from all other organizations large or small. We all need to work together so everyone can emerge from this crisis in a position to thrive going forward.
Hoping you and your family stay healthy
Greg Libbrecht and the team at Platinum Business Services