Fiscal update - Covid-19
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.
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
The particulars contained herein were obtained from sources we believe to be reliable, but are not guaranteed by us and may be incomplete. The opinions expressed are based upon our analysis and interpretation of these particulars and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. The opinions expressed do not necessarily reflect those of NBF. I have prepared this report to the best of my judgment and professional experience to give you my thoughts on various financial aspects and considerations. The securities or sectors mentioned in this letter are not suitable for all types of investors and should not be considered as recommendations. Please consult your investment advisor to verify whether the security or sector is suitable for you and to obtain complete information, including the main risk factors. Some of the securities or sectors mentioned may not be followed by the analysts of NBF.