Opportunities abound in this ever-changing world for start ups to scale to sustainable success. As rapidly as COVID-19 has swept the globe, so grows the demand on technology tools to enhance our experiences like never before. But not every idea will become a financially sustainable success so some expertise early on can stack your odds. […]
Updates for the qualification of COVID-19 Government Financial Support Wage Subsidy of 75% – April 7th. Problem #1: COVID-19 did not really hit us hard until mid-March, so even bricks and mortar businesses that were forced to close up only did so in the second half of the month. So a 30% drop in business […]
The Canada Business Credit Availability program provides $40k government guaranteed loans to small businesses and non-profits to help cover operating costs that cannot be deferred such as payroll, rent, utilities, insurance, debt payments and property tax. This will essentially work like a revolving line of credit for 2020. At the end of this year any […]
On Friday, March 27th the Prime Minister lifted spirits by agreeing with business owners that the 10% wage subsidy was just not enough and that he would be lifting it to 75%. I could practically hear cheering in the streets by many. Could this be the support required to keep businesses viable during this 100 […]
Employers are now looking for options to maintain employees while reducing employment costs. One program that many are talking about is the Work-Sharing (WS) program. This is an Employment Insurance (EI) program that helps employers and employees avoid layoffs when there is a temporary decrease in business activity beyond the control over the employer. The […]
As COVID-19 continues to escalate rapidly, it increases the tempo of business owners as they scramble to keep control over a business situation that feels anything but in control. Presently the working capital loans offered by BDC seem to be the best chance of survival for many. While there will be opportunities to pivot businesses […]
Business owners have had many questions the about the Government of Canada’s commitment to supporting businesses in response to COVID-19 including a Temporary Wage Subsidy. At the time we learned businesses can reduce source deductions by 10% up to a maximum of $1375/employee and a total of $25,000 per organization. This is a subsidy, which means […]
We thought you could benefit from a COVID-19 cash preservation checklist. Our team is comprised of a really diverse and fiscally resourceful group and since they get a front row seat to your business transactions we knew they would probably have some great ideas on how you could preserve cash. Here is our list of […]
Help is on the way. The information is flowing fast and furious now in order to sustain business and employment continuity. Yesterday BDC announced Working capital loans of up to $2 million with flexible terms and payment postponements for qualifying businesses. I spoke with representatives from BDC and here is my understanding of how it […]