The world around us is slowly opening back up and some of you may be in the process of returning to work or re-opening your business.
With that in mind, we had a discussion with our Liability Insurance Team to make sure you will still be covered when you go back to work. We were advised that as long as your business is practicing the government guidlines set forth in your area for a safe work environment, you will be covered.
In our profession, we are often working with people who aren't in the best health. As we know, people who are immune compromised, elderly and have medical conditions such as asthma or other lung issues, heart related issues, cancer and diabetes are at a much greater risk of having severe complications or death should they catch COVID-19. It is our responsibility as practitioners to reduce the risk of harm and infection as much as possible.
We have put a list of protocols in place for you to follow:
Here are some additional details on the Canada Emergency Response Benefit (CERB).
If you have lost income because of COVID-19, the CERB will provide you with temporary income support. The CERB will provide you with $500 a week for up to 16 weeks.
To be eligible to receive the CERB from Service Canada, the following must apply:
You can apply beginning April 6 through the CRA My Account portal:
As such, it has advised that you register this account and direct deposit in advance of the application process opening. Benefits will start within 10 days of you submitting your application. You will need to apply and confirm eligibility every 4 weeks thereafter.
We are not accountants so if you have any questions, you should contact your accountant to discuss in further detail.
The Federal Government this morning announced further measures to support small and medium- sized businesses with the aim to assist these businesses in keeping their employees and alleviate cash flow challenges.
These are some significant positive measures for small and medium-sized businesses.These measures are as follows:
1) The previously announced wage subsidy of 10% has been increased to 75% for qualifying small businesses. This decision, to help qualifying businesses keep employees on staff, is being back-dated to March 15th.
2) GST/HST payments will be deferred until June 30th without interest or penalties.
3) The government is also launching a special emergency account for small businesses, which allows banks to provide a "small business emergency loan" of $40,000 interest-free for the first year. There is a possibility that $10,000 of the loan principal will be forgiven. Applicability and criteria for the loan and as well as the forgiveness is still to be communicated.
The Federal Government has indicated more information and design of these measures will be communicated on Monday, March 30th.
Stay tuned for an update from us as soon as details are announced.
Thank you and stay safe!