Well, we are certainly in unprecedented times will a lot changing in our business landscape. Here is a list of important financial aids that might pertain to you and your circumstance. This focuses on Alberta businesses.
- WCB will defer 50% of your 2020 payments and Alberta Government will pay the other 50%. Payments will be made in 2021. No action is needed – do not pay any WCB 2020 premiums already invoiced.
- EI for your employees – Record of Employment guidelines for COVID-19
- CRA defers all business income taxes until Aug 31 2020 and suspends audits for a period.
- CRA offers new Business Credit Availability Program
- CRA offers 10% wage subsidy for the next 90 days – THIS IS NOW 75%
- Business Interruption Insurance payments – check with your insurance provider to see if you are entitled to this.
- CRA announced on March 27th that GST/HST payments will be deferred until June
- CRA guarantees small business bank loans of up to $40,000 that are interest free for the first year. Under certain conditions, up to $10k could be non-repayable. Canada Emergency Business Account This is to be rolled out after April 17th and interested businesses should work with their current financial institution.
- CRA offers Canada Emergency Response Benefit (CERB) – The CERB would cover Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures. The CERB would apply to wage earners, as well as contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI). The portal for accessing the CERB would be available in early April. This replaces the previously announced Emergency Care and Emergency Support program.
- Canada Revenue Agency – Resources for Canadian Businesses
- Canada Revenue Agency – Seeking Canadian Manufacturers
- Government of Canada – Covid-19 Economic Response Plan
- Government of Alberta – Support for Employers and Employees
- Free Online Tools for Business Owners
I will continue to update this on a daily basis as new information is available. If you know of additional resources that would help your small business community, please email me so I may share it on here.
Updated March 27 2020