Once again, Richard is his own guest as he continues his series of episodes exploring topics of vital interest to investors in light of the economic impact of COVID-19. Today, he looks at just what precisely business owners need to know when they are considering whether or not to apply for the federal government assistance for business owners programs: the Canadian Emergency Wage Subsidy and the Canadian Emergency Business Account.
Download the full transcript here
Highlights:
- The Canadian Emergency Wage Subsidy is available for employers to help with the salary of people that are either on staff and working today or those that are laid off, and with the hope of having them come back to work.
- In order to be eligible either of these assistance programs, there are certain criteria that must be met which Richard outlines in detail.
- The aim of the Canadian Emergency Business Account is to help small businesses have access to capital that they need in order to see them through this pandemic.
- Richard’s recommendation is to definitely apply for this $40,000 loan because of the fact that, if you pay it back, at the very least you’ll have a $10,000 grant.
Quotes:
“The objective of the wage subsidy is really to help the employer keep their employees on their payroll or have them come back to work and put them back on the payroll.”
“The government has set up a program worth about $25 billion, which provides interest free loans of up to $40,000 to small businesses and not for profit organizations.”
“What I would recommend or suggest is that you use the loan to make your business as safe as possible for the employees and the customers.”
“As you’re waiting to restart, I would recommend that you come up with ways to reduce your overhead in a reasonable manner.”
source https://richarddri.ca/canadas-emergency-assistance-for-businesses/
Dri Financial Group 