COVID-19 Update #6
The email we sent out last night is already obsolete. PM Trudeau just announced that the temporary wage subsidy is increased from 10% to 75%. This significantly changes the dynamics around planning for your payroll, and what to do with your workforce if your available work is reduced. We anticipate that some of the rules around this program may change as well, but no details have been announced yet. Finance Minister Bill Morneau announced that further details COULD be available as early as Monday. We will monitor for changes.
In addition, eligible businesses will be able to apply for a $40,000 loan, interest free for a year, and guaranteed by the Gov’t of Canada. If certain conditions are met, up to $10,000 will be forgivable. What is an eligible business? What conditions need to be met? We don’t know!
And finally, GST payment due dates have been deferred until June. June 1, or June 30? Unknown as of yet.
Lots of unknowns… But we thought it important that you all know the latest news as soon as possible, as it could significantly affect some decisions.