Good Afternoon All,
This is the start of week 10 and for some of you the start of a new week in which you will be opening your doors to customers. Many of you have already posted the measures that you're taking to ensure the safety of you, your staff and your customers. I encourage all businesses that are reopening this week to please post your particular safety details so they are well known prior to customers coming to your business.
Today the PM announced an expansion to the Canadian Emergency Business Account eligibility criteria - this is the program that offers businesses the $40k loan. This program will now be open to include many owner-operated small businesses. Here are the details that are available at the moment:
The program will now be available to a greater number of businesses that are sole proprietors receiving income directly from their businesses, businesses that rely on contractors, and family-owned corporations that pay employees through dividends rather than payroll.
To qualify under the expanded eligibility criteria, applicants with payroll lower than $20,000 would need:
- a business operating account at a participating financial institution
- a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return.
- eligible non-deferrable expenses between $40,000 and $1.5 million. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance.
- Expenses will be subject to verification and audit by the Government of Canada. Funding will be delivered in partnership with financial institutions.
- More details, including the launch date for applications under the new criteria, will follow in the days to come. The government will continue to work on solutions to help business owners and entrepreneurs who operate through their personal bank account, as opposed to a business account, or have yet to file a tax return, such as newly created businesses.
Unfortunately there was still no update on the CECRA program. Julie and Zachary, do you have any timeline on this program - it's been well over a month since it was first mentioned and May 1 has come and gone and we're rapidly heading towards June 1st rent payments. We have landlords who won't consider the program because there aren't any further details; we have landlords who would consider the program but it isn't available. The lack of communication of any kind about this program is causing a terrible amount of stress on business owners and landlords. Peter, we would also ask the NDP as our official opposition party to ask the Premier about this program - this is a joint program between the Feds. and Provinces - so if the Feds aren't providing information we need our Premier to step up with information.
Thanks,
Susan