I have lost count of how many clients have asked about the various announcements that have been made recently regarding income repalcement and help for small business.
As of this writing the only finalized programs that are up and running are as follows:
- Regular EI Benefits-Personal
- CERB (Canadian Emergency Relief Benefit)-Personal
Still in the works
- 75% wage subsidy of 15% Month over Month revenue drop
- BDC small business loan program
Just Now available via your Bank or Credit Unions
- 40,000 Small Business Loan with the possibility of 10k forgiven (Details differ per bank or credit union)
The best option in my humble opinion, is for small businesses to work with their Bank on the 40k loan option. Banks unlike Governments know how to structure programs and processes, and the details are clearer than what Governments promise versus what they actually deliver.
Try to manage the best you can on your own, become self-reliant and plan for the worst. The best time to fix the roof is when the sun is shinning, not in the middle of a downpour.
Till next time,