Weekly Digest – 29 April 2020
We hope you and your family are well. The COVID-19 pandemic is impacting nearly every aspect of our lives and will be remembered as a pivotal time in history. Like any other event that impacts the world, we don’t know what the future will be like, but we do know that navigating the new world on the other side will require resilience and creativity from all of us. Here are some updates and resources you should be aware of.
Canada Emergency Wage Subsidy Now Open
Applications for the Canada Emergency Wage Subsidy (CEWS) opened this week with more than 10,000 businesses applying already. Your business may be eligible for the subsidy if you have experienced a reduction in revenue in a certain period. The 6 step process is detailed here.
Our advisors can help you with your Wage Subsidy application
While you can complete the Wage Subsidy application through your My Business Account, we highly recommend you use an experienced advisor. Authorised business representatives can enrol your eligible entity on your behalf.
Now, more than ever, you need an advisor on your side. Our advisors can step you through this process so you have one less thing to worry about. Plus, you can rest assured that your application will be correct.
The government also released a calculator to help you work out how much you will receive. We can help check the calculations are correct.
When can you expect to see the money?
PM Trudeau advised this week that the money isn’t far off. The CRA has partnered with financial institutions, so registering for direct deposit will mean you see the money quicker. The first payments should begin to arrive on May 7th.
Reminder: Wage Subsidy or CERB
You cannot keep both the wage subsidy and the CERB.
Roadmap to reopening
The government is currently developing guidelines on reopening the economy when the time comes. When physical distancing measures are relaxed, the first phase of the reopening roadmap will open select outdoor spaces and will allow for businesses that can adhere to public health guidelines to open. Hospitals will likely start offering non-urgent procedures and scheduled surgeries. Following that, essential gatherings like funerals may be able to increase numbers.
PM Trudeau said “everyday we get closer to the time when all of this will be behind us.” It’s a difficult time now but a good reminder that this will pass.
Are you adapting?
Businesses that use the Coronavirus setback as an opportunity to adapt, innovate and improve are the ones that will thrive. You may need to modify your offerings, look into offering online services and see what you can do differently. Also, youse this time now to think about your plan for when you reopen. We are happy to chat with you about this.
Time for some good news
The pandemic has caused many people to adjust. We have seen innovations born out of necessity, such as hands-free door openers and rapid development and manufacturing of ventilators and masks. There’s also interesting news of video gamers being called to help develop COVID-19 treatments.
Google is offering $340 million in Ads credits for those who have spent with them in most of 2019.
Take care of yourself
We know that this is a hard time. Everyone is throwing words around like “uncertain” and “unprecedented”, while business feels more stressful than ever. Please take time out today to look after yourself. We will get through this.
Here to help
What an April! Let’s hope the sacrifices we’ve all made this month will pay us back with signs of recovery in May.
Thank you for your continued patience. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!