COVID-19 Support Programs Explained by an Accountant
We were fortunate enough to have Mike Libbey of Your Bottom Line present a webinar on April 22, 2020 on the updated programs from various Governments for businesses and individuals because of the COVID-19 Pandemic.
Watch the presentation here:
DISCLAIMER: This information is subject to change.
Highlights:
Tax Deadlines: Extended
Other Deadlines: GST/HST Remittances, filing unchanged, payment extended, WSIB Extended
Canada Emergency Response Benefit: $2,000/month Taxable Benefit for up to 4 months (period) for workers who lose income as a result of COVID19 – may earn up to $1000 in gross income.
Small Business Loans: Canadian Emergency Business Account (CEBA) and Business Credit Availability Program (BCAP) through BDC.
Canada Emergency Wage Subsidy (CEWS) applies to organizations impacted by the pandemic, resulting in at least 30% decrease in revenues
Canada Emergency Commercial Rent Assistance (CECRA)Program for Small Businesses that will seek to provide loans and/or forgivable loans to commercial property owners – not yet finalized
Summer Jobs Program Wage Subsidy Qualifying employers can receive 100% of the provincial or territorial minimum hourly wage for each employee;
Other Credits: GST Credit payment amounts, Canada Child Benefit (CCB) payment amounts, Support for Families”
Other Changes: OSAP Loan and Interest Deferral, extending work sharing program
If you would like to contact Mike Libbey directly:
Email: support@yourbottomline.ws
Phone: (905) 436-6663
COVID Support Facebook Group: https://www.facebook.com/groups/yourbottomlinehelp/