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For employers, we are getting more detail on the payroll subsidy:https://www.singleton.com/2020/03/covid-19-the-canada-emergency-wage-subsidy/
- $847 per employee per week or 75% of up to $58,700 salary, whichever is less
- Still retroactive to March 15 (so far)
- Expectation is that you don’t cut employee wages
- Business must demonstrate/prove a minimum revenue loss of 30%
- Federal government will be introducing severe penalties for abuse of the program
- Application process expected to be announced within the next 2 weeks
- No limit on business size
For those who were considering using the job-sharing option, this is now, for most businesses, a better option.
Next Steps: I have started building detailed 90-day business financial plans for some of you. This provides a specific list of actions based on your...
Business Owner Update - Friday March 27, 2020
Today the Federal Government and Bank of Canada finally made key announcements to help small businesses:
- Increased Payroll Subsidies up to 75% - This will be back-dated to March 15. No link or details yet on the limitations or qualification. I will get them to you as soon as they are posted. Here is the announcement https://twitter.com/i/broadcasts/1kvKpXdndQmKE
- Government guaranteed, interest free small business loans up to $40,000 – this is a program where, if you go to your bank to borrow money to get through the next few months, the government of Canada will be the guarantor. Under some circumstances (no details yet), 25% may become forgivable.
- Bank of Canada drops Prime Rate to 0.25% - this makes the cost of borrowing as close to “free” as it gets. This...
In talking to many of you this week, the number one emerging issue is stress. The rapid rate of change being imposed on us, our employees, suppliers and customers is unprecedented. The uncertainty regarding our health, both physical and financial, stemming from a dangerous virus racing around the globe is overwhelming many people.
The result is often emotional – anxiety, fear, and depression. This in turn impacts morale and mental health, both yours and everyone you work with – the ones working on-site, the ones working remotely and the ones now on EI waiting to come back.
They need your leadership. This is not the zombie apocalypse because we can do a lot to get this under control. Four things to consider:
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Calgary and Edmonton are very different from New York or Milan who have 7.5-10,000 people per km2. We have...
We at Misura Berteit & Associates understand that the events of the last few weeks have left a lot of “unanswer-able” questions. While we don’t have the answers, we do feel that there are some resources available out there. We encourage you to review and keep informed with the latest updates:
1. Government of Canada’s website: Coronavirus disease (COVID-19): Resources for Canadian Businesses: https://www.tradecommissioner.gc.ca/campaign-campagne/ressources-entreprises-COVID-19-business-resources.aspx?lang=eng
2. Government of Canada’s website: Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html
3. Government of Alberta...
Today’s Government Announcement: No new Federal support announcements today from our PM. The focus today will be passing emergency measures that give the federal government broader powers to spend money, redirect economic activity and implement further restrictions.
Ontario and Quebec are locking down their provinces at the end of today, except for essential services. ATTACHED IS A LIST OF ESSENTIAL BUSINESSES IN ONTARIO. On this list is every one of my clients’ business types are included. Most businesses engaged or supplyingConstruction, Manufacturing, Real Estate, Food, Healthcare and Transportation, among others, are all on the list. The good news here is that if this becomes the template for other provinces, most of you will be able to continue operations – but please do it SAFELY.https://open.alberta.ca/publications/c...
Posted on
March 20, 2020
by
Kim Nutz - Sunstone Legal
The past two weeks have been surreal. Many employees and employers are hanging on by a thread, mentally and financially. Many employees worry if they will have jobs or receive enough hours to pay their bills. Employers are being forced to close, or scale back their services, all the while still having to pay their rent, taxes, and payroll, while the market for many services is simply on hold. What can employers do to keep their head above water, while still trying to do the right thing by their employees? There are now some options.
1. COVID-19 Leave of Absence (Alberta Employment Standards Code):
Unpaid 14 day leave of absence due to Quarantine. Contact me to discuss as the Government has been quite particular as to who qualifies for this leave of absence.
2. EI Sickness Benefits (Employment Insurance Act):
An employee can apply for EI Sickness Benefits for up...
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There is too much to cover here, please call to make an appointment to view this great opportunity! 
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