Debrah Burleigh and Associates

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CEBA information on the expanded eligibility when it becomes effective Here are some key points: The existing loan now called the Payroll Stream for businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000.... The expanded eligibility Non-Deferrable Expenses Stream: for businesses with total employment income paid to employees in 2019 of $20,000 or less and 2020 Eligible Non-Deferrable Expenses (subject to adjustments for support or subsidies under other Government of Canada COVID response programs) greater than $40,000 and less than $1,500,000. CEBA applications under the 2020 Eligible Non-Deferrable Expenses Stream will follow a two-step process: Step 1: Businesses will initiate applications directly at their primary financial institution where they hold their primary business checking / operating account. The financial institution will then direct applicants to Step 2 of the application process. Step 2: Following the initial application through your financial institution, applicants will be directed to a CEBA website to provide supporting documentation of the 2020 Eligible Non-Deferrable Expenses and to complete the application. The Government of Canada will assess application information submitted via financial institutions in Step 1 together with the supporting documentation and information provided in Step 2. If successful, the Government of Canada will notify your financial institution and provide funding for your CEBA loan. What are the Eligible Non-Deferrable expense categories? The Eligible Non-Deferrable Expense categories are the following: Wages and other employment expenses to independent (arm’s length) third parties. Rent or lease payments for real estate used for business purposes. Rent or lease payments for capital equipment used for business purposes. Payments incurred for insurance-related costs. Payments incurred for property taxes. Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water, and the internet. Payments for regularly scheduled debt service. Payments incurred under agreements with independent contractors and fees required to maintain licenses, authorizations, or permissions necessary to conduct business by the Borrower. Preparing to apply for the Non-Deferrable Expenses Stream what supporting documents do I need? Once the expanded eligibility criteria become effective, you will need three main pieces of information to complete the application: The name of the financial institution where you submitted your application; and Your 9-digit business number (the same number you used in your application with your financial institution); and Electronic or paper copies of Receipts / Invoices / Agreements to be uploaded as evidence of your 2020 Eligible Non-Deferrable Expenses. Here is the link for more details https://ceba-cuec.ca/

COMMERCIAL RENT - The Canada Emergency Commercial Rent Assistance program this benefit will provide forgivable loans to landlords so they can reduce your rent by 75%. This is for a small business tenant that have lost the majority of their revenue because of COVID 19. If you are a landlord and a tenant that qualify please apply. Go to CMHC to get the details link is below. The portal will open May 25 and you will receive this quickly. The government will cover 50% and are a...sking the landlords to cover 25% The tenants pay the rest with support of programs like CEBA. https://www.cmhc-schl.gc.ca///covid19-cecra-small-business

COVID update May 20: Larger Companies Support Large Employer Emergency Financing Facility to provide bridge loans for the countries largest employers. Applications for this financing are open as of today. These loans will be delivered through the Canada Development Investment corporation in cooperation with Innovation Science and Economic Development Canda and the Department of Finance.... Loans will be designed with a clear goal of protecting jobs and help the economy rebound. This is not a bailout. https://www.cdev.gc.ca/home/

Update: May 19 The government is widening the scope of the Ceba program if you are a sole owner-operator of a business or if your business relies on contractors or family-owned business and you pay your employees through dividends you will now qualify more details to come when you will be able to apply. For example, if you are a salon who rents chairs, independent gym owners. There are also other solutions for newly created businesses and new funding for regional development agencies if you do not meet the above criteria to help you with your business. https://www.facebook.com/GlobalBC/videos/262252424970789/

Update May 15 Some great news for businesses Extension Canadian Emergency Wage Subsidy CEWS This will be extended for 3 months now to the end of August making i...t easier for businesses to re-hire staff and expand wherever possible More information to come about the 30% decline in revenue threshold, because as businesses re-start, revenue decline should not be a barrier for growth The eligibility will be expanding and there will be more details shortly GST/HST and CCB benefits will continue until September to give time to process tax returns due to the extended June 1 deadline

UPDATE Apr 30, 20 CECRA Rent Canada Emergency Commercial Rent Assistance CECRA. This Commercial rent subsidy for small businesses helps commercial property owners pay mortgages and reduce tenant rent. Who is Eligible for the CECRA Subsidy for Small Businesses?... You own the commercial rental property where the small business is experiencing hardship You have a mortgage loan secured by commercial real property with one or more small business tenants experiencing hardship You will need to enter into rent reduction agreement for the period of April, May and June 2020 that will reduce tenants rent by 75% What is the impact on the small business tenant requirements? They pay no more than $50000 in monthly gross rent per location Generate no more than 20 million in gross annual revenue Have temporarily ceased operations and generating no revenues or has experiences at least a 70% decline in pre-COVID-19 revenue To measure loss, compare revenues in April, May, June 2020 to that of the same month in 2019 or an average of Jan Feb 2020 How does the CECRA for small business program work? If rent has been collected at the time of approval, a credit to the tenant for a future month’s rent i.e credit July for the payment of April rent is acceptable if agreed upon by tenant and owner. Deadline to apply is August 31, 2020 CMHC will provide forgivable loans to eligible commercial property owners The loans will cover 50% of the gross rent owed by impacted tenants during the 3-month period The property owner will be responsible for no less than half of remaining of 50% gross rent payments (paying no less than 25% of the total) The small business tenant will be responsible for no more than half of the remaining 50% of the gross rent payments (paying no more than 25% of the total) For tenants that are struggling with the 25% here is a link to alternative credit https://www.canada.ca//depart/economic-response-plan.html CECRA for small business loans will be forgiven if the property owner complies with all applicable program terms and conditions including not seek to recover rent abatement amounts after the program is over. Program details including how funds will be disbursed and how to apply are being finalized and will be available soon. Sign up at the link below and they will let you know when more details are available and when the application process opens. https://www.cmhc-schl.gc.ca//finance-and-investing/covid19

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On the blog: How to make your meetings more productive. http://bit.ly/2ZHOfRL. In this blog post, I dive into six things you can do to make sure you get the most out of the time you invest in every meeting. #meetings #productivity #focus #productivitytips #goals #controlleradvisory #remoteaccounting #debrahburleigh

A guide to the best receipt scanners for small business owners. We use Auto Entry to eliminate hours of data entry and costly mistakes. https://intuit.me/2tyUYmt

UPDATE; APRIL 16 If you applied for CERB for the first period Mar 15 to April 11 you can now apply for the next period April 12 to May 9. Reminder there were updates yesterday to some of the qualifications to CERB. You can now apply if you earn less than $1000 a month. If you are a seasonal worker, your EI ran outback as far as Jan 1, 2020.... Reminder to apply through the same portal either Service Canada or your CRA account. The $40000 Interest-free loan that was offered has now relaxed the restrictions to help smaller businesses. The Government has increased and decreased the threshold of restrictions payroll for 2019 is now expanded to $20,000 and up to 1.5 million to meet the eligibility criteria Canada Commercial Rent Assitance this program will provide assistance for rent in April, May, and June more details to come. The Government will be working with the Provinces and Territories on this. Reminder to check my website for links you need for supporting you through this time. https://debrahburleigh.ca/

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A cash flow budget identifies when money is flowing in and out of your business based on historical data and your current situation giving you an accurate picture of your break-even point and cash availability." http://bit.ly/2ma1KLS

When you are in a financial crunch, it can be difficult to think about managing cash flow proactively. The right accounting system tailored to your business can relieve the pressure by getting your business on the right financial track. Read the blog this week to learn a simple step-by-step process to manage your cash flow. http://bit.ly/2kA0cu8 #cloudbookkeeping #accountingsolutions #cashflow #smallbusiness #contractor #bookkeeping #controlleradvisory #sagebusinesscloud #quickbooksonline

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