Updated: Oct 24, 2020
Today we received more information that will impact those who do NOT collect Employment Insurance and business owners like yourself. Here two measures that may impact you directly. and positively.
The Emergency Care Benefit
1. Canadian workers including self-employed 2. Canadian workers including self-employed who are taking care of family member with COVID-19 3. Parents who are unable to earn income as they are caring for children
How do I Apply?
Applications will be available as of April 2020 via CRA My Account portal and Via a Toll-Free number that will be made available later on. This measure is in effect from March 15,2020 forward.
Note that you will have to re-confirm your eligibility every two weeks.
How Much Will I Receive?
A maximum of $900/ biweekly for the next 15 weeks.
L I Q U I D I T Y
With measures like the one above the government is hoping that the average Canadian can have enough money to pay for their essentials.
In the case of your small business, you need to look at how much money you need to weather the storm while business is not “as usual”. This take us to the next government measure….
Temporary Wage Subsidy
You have determined that you can afford to have your staff working during these “unusual times”. The government had decided to provide employers a subsidy to keep payroll running.
What businesses qualify?
Corporations eligible for the Small Business Deduction (Net Income below $500K)
How much is this subsidy?
10% of the remuneration paid – with a maximum of $1,375/employee and $25,000/employer
For how long?
For the next 3 months. This measure is effective immediately.
The information presented here is constantly changing and we will update as we confirm. I have selected those topics that I found most relevant for you as a business owner.
For more: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html?fbclid=IwAR2CH-CPFI5zqR3P9z-5vAmcpQKN-HJeA2x2B87PI_Oej2NKenqsz6a4YTY#Supporting_Canadian_Business