Covid-19 Impact on Accounting

Covid-19 has halted the business world. Many companies find themselves scrambling to keep employees and reduce the impact of losing sales. The government of Canada has put out many stimulus initiatives to reduce the grave impact on businesses. Click on the link below to see the packages offered by the government and see if you qualify.

https://www.canada.ca/en/department-finance/economic-response-plan.html

You can definitely reach out to us for clarification of these packages and or we can guide you for where you can get more information: I have listed a few main ones below.

CERB (Canada Emergency Response Benefit Package). This package enables you to receive $2,000/mth if you stop working due to Covid-19.

CEBA ( Canada Emergency Benefit Account package). If you own a business during the 2019 year and had payroll of a minimum of $20,000 and have a business bank account you can apply through your bank and receive $40,000 loan which is repayable on Dec 31, 2022. $10,000 will be forgiven if you repay $30,000 on or before Dec 31, 2022.

CEWS (Canada Emergency Wage Subsidy) The subsidy generally covers 75% of an employee

's wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.The program will be in place for a 12-week period, from March 15 to June 6, 2020.