I hope everyone is getting some enjoyment out of our early look at spring. Case counts are down, and it looks like more vaccines are on the way. We can all only hope this will facilitate a significant enhancement to the re-opening of the economy.
Manitoba Bridge Grant Program:
A third round of payments will provide up to $67 million in support to eligible small and medium-sized businesses, not-for-profits and charities impacted by the #RestartMB Pandemic Response System. The province has also extended the Manitoba Bridge Grant application deadline until March 31.
Eligible businesses that received a first and second bridge grant payment, each worth up to $5,000, will automatically receive a third equal payment beginning as early as Friday, March 5 and will be notified of the deposit via email. New program applicants will be eligible for a one-time payment to a maximum of $15,000.
This additional payment is to help cover the impact of public health orders on operating costs pending the reopening of the economy.
The province created the Manitoba Bridge Grant in November 2020 to provide $5,000 to businesses, not-for-profits and charities directly affected by public health restrictions and temporarily ordered to close their storefronts to the public. The program was expanded Dec. 8, 2020, to home-based businesses indirectly impacted by public health orders, offering up to $5,000 based on 10 per cent of their most recent calendar year revenues. The province then expanded program eligibility Jan. 8 to include hotels, resorts, lodges and outfitters, travel agencies, janitorial services companies and owner/operators of licensed passenger transportation businesses that saw demand for their services impacted by public health orders.
RST Payments Deferred:
Manitoba Finance is extending its tax relief measures in an effort to provide extra support to businesses.
Small and medium-sized businesses with retail sales tax (RST) remittances less than or equal to $10,000 per month are eligible for an interest and penalty-free payment deferral to June 30, 2021. The deferral is for the January, February, March, April and May 2021 return periods. Businesses are also eligible for an interest and penalty-free payment deferral until June 30, 2021, for the March quarterly RST return.
The Health and Post-Secondary Education Tax Levy returns for small and medium-sized businesses with remittances of no more than $10,000 per month are eligible for an interest and penalty free payment deferral to June 30, 2021. The deferral is for the return periods of January, February, March, April and May 2021.
The RST and tax levy deferrals are optional and for tax payments only. Businesses must continue to file returns by the required due dates.
If you have not applied for the Bridge Grant Program and would like support through the process we are here to help. For our customers that have already applied you should see the next $5,000 in your account in the next few days.
Greg Libbrecht and the team at Platinum Business Services