Navigating your business through COVID-19

This is a post I never imagined that I would have to write. It is incredible to me how much has changed in a few short weeks and I wonder what the next few weeks will bring. Many small businesses are now in very uncharted waters and I would like to take some time to cut through the government's jargon and assist you in moving your business forward.

So first of all, from a bookkeeping perspective, here are a few of the support programs that are being offered to small businesses.

1. CRA is deferring income tax payments for amounts owing on or after March 19, 2020. The payment deadline has been moved to August 31, 2020 as of this time

2. CRA will not contact any Small or Medium sized businesses to initiate a GST/HST audit or assessment until after April 15, 2020

3. The Business Development Bank of Canada has been given $10 Billion to give loans to small and medium sized businesses. You can learn more here

4. Giving employers who keep employees on in essential service categories a 10% wages subsidy. This subsidy IS taxable and is to be deducted from what you remit for the federal/provincial tax deductions on your Source Deduction remittances. This is up to a maximum of $1375 per employee up to $25,000 per employer (whichever is less) and is from wages paid from March 18, 2020 - June 20,2020 Credits can be carried forward to future remittances after June 20,2020 You can learn more about how it works HERE

5. In PEI, the CDBC has the 'Impact Atlantic' program that offers loans to small businesses who qualify for assistance. Details are HERE

6. The government of PEI and Sobeys are offering employers a chance to help out their employees in PEI. They are giving out $100 gift cards to employees who are laid off during COVID-19 You can apply for the program for your employees HERE

7. Our bookkeeping firm is offering families that earn under $30,000 (gross family income) FREE tax returns in an effort to help during this time. Contact us @ 902-326-8300 or egalenterprises@gmail.com to get started. If you have employees that would fall in this category, please have them reach out to us.

8. There is a Provincial Workers Relief program that employers can apply for their employees for. To apply, CLICK HERE

From a business transition perspective, we would like to offer the following helpful links for those who mare making the transition to online business. With the quarantine in effect, many businesses who were used to face to face and telephone only are having to find virtual online platforms. Many of these are FREE or offer a FREE trial period.

Remote Desktop Software: https://anydesk.com

Video Conferencing: https://zoom.us/ Google Hangouts (Free 14 day trial)

Online Bookkeeping Software https://www.waveapps.com/

Documentation Signing: DocUSign (Free trial)

Cloud based file sharing: Google Docs or Dropbox.com

Banking: Your bank likely offers online banking options - call your local branch to set it up.

Networking: LinkedIn or Facebook PEI Business (search small business PEI on FB)

Our firm is here to help with any questions that you may have for us in regards to personal or business accounting needs. PLEASE NOTE: that until May 31st we will offer a FREE 1 hour phone or video conference consultation (one per family please) to anyone in Canada. Subject to time slot availability. Please email us @ egalenterprises@gmail.com to set up an appointment.