Dear clients,
I hope you're doing well and enjoying this heat that's so unusual for the month of May.
Last week we were informed about new measures implemented by the federal government to protect small businesses and small business owners. In fact, the changes made to the Canada Emergency Business Account will enable more Canadian small businesses to access interest-free loans to help cover their operating costs at a time when their revenues have declined due to the pandemic.
This program is now being offered to more companies, including sole proprietors who derive their income directly from their businesses, companies whose activities rely on contract workers, and family-run businesses who pay their employees dividends instead of salaries.
To qualify under the expanded eligibility criteria, applicants with a payroll lower than $20,000 would need:
· a business operating account at a participating financial institution;
· a Canada Revenue Agency business number, and to have filed a 2018 or 2019 tax return;
· eligible non-deferrable expenses between $40,000 and $1.5 million. These expenses could include costs such as rent, property taxes, utilities, and insurance.
We recommend you read over these new measures and check whether you may be eligible! Here is the National Bank link for your request: https://www.nbc.ca/business/important-notices.html
Meanwhile, our whole team is here to assist you if you need anything.
Sincerely,
NICOLAS SCHULMAN, B. A. ECON, CIMMD
Gestionnaire de portefeuille / Portfolio Manager
Conseiller en placement, Premier vice-président
Tél. : 514-871-4304 | Sans frais : 1-866-626-0636
Téléc : 514-879-3873
1, Place Ville-Marie, bureau 1700, Montréal (Québec) H3B 2C1
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