As a business owner myself, the main reason for this email is to put some perspective on what the government is ACTUALLY doing as there is a lot of misconception. This is my take on everything.
The tab below partially explains the wage subsidy. Here are my concerns. Most businesses do not realize that they need to submit their current financial information for this year and the same time last year in order to compare and prove that your sales are down by 30% because of the virus.
So as an example, if you are a landscaping company and you didn’t get started last year until June because it was frozen, how do you compare. If you are a restaurant, shoe store, salon etc, and you cannot be open; it doesn’t matter how much subsidy there is if you are closed.
The 10% subsidy can be applied regardless and can be done at any time. There is no rush on that.
For businesses like myself who are set up where employees can work remotely; it is the trickle affect, and they need to feed their families before I can I expect them to pay for my services. We are here and ready to do what needs to be done so we all get through this.
I do also have to feed my family. Those who are going to be applying for loans etc., please make sure you have given all the paperwork up to date as well we will need to be applying for the subsidies on your behalf. For those who have fallen behind on payments, you will need to get them current. Please call ahead, we will leave a box outside for you to put paperwork in etc.
The tab below explains partially the loans available. The up to $40,000 loan is only for businesses who have payroll of $50,000 and over and you still have to be “eligible” and/or “qualify”. No one really knows what that means but it’s a good word to use to do easy elimination.
The loans are only for companies that need financial help because of the impact of the virus, not if the business was losing before. All of these qualifying measures are untold with no clarification.
This tab explains, for those who qualify…..more GST, more Child tax. You do get extra time to file your taxes. That is one plus.
The government is giving the illusion that its all ok, you don’t have to pay your rent or your mortgage etc. The deferral – you have to apply for and is a very low case by case. Also if you do, it gets tacked onto the end and interest on interest isn’t very appealing. You still owe all the bills that are building up so if you are able to pay them and still fee your family, then do so. Right now, generally speaking people still have money, food in their fridge and there is still supply in stores. What is going to happen in a month or so when everything really hits. I really hope I am wrong, I just hope this will raise some questions for everyone so they are not mislead and are expecting the “financial help” from the government. We all need to apply and hope for the best.