Weekly Update – 1 April 2020
As the COVID-19 pandemic deepens its hold across the country, governments and industry leaders are stepping up to help those impacted. To help you make sense of the barrage of information out there, we’ve put together a summary of helpful resources.
COVID-19 Financial and Economic Support – For Businesses
The Government has announced a number of measures aimed at avoiding layoffs, improving access to credit, supporting financial stability, supporting farmers and increasing flexibility with taxes. The government’s official website has a detailed roundup of these measures. Here are some that may be applicable to you.
The government announced an up to 75% wage subsidy for eligible businesses, for up to 3 months. The goal is to help businesses keep workers. More details on the eligibility criteria will come in the coming weeks.
The Work-Sharing program is offered to workers who agree to reduce their normal working hours due to developments beyond the control of their employers. Check out the eligibility criteria here.
Deferred Income Tax Payments
The Government is allowing all businesses to defer the payment of any income tax amounts that become owing on or after March 18 and before September 2020. Businesses can defer to pay until 31 August 2020. Ask us if you have a question about what’s best for you.
COVID-19 Financial and Economic Support – For Individuals
The government’s official website as a dedicated section detailing their support for individuals and families. There are a range of measures including increasing the Canada Child Benefit by $300, a one-time special payment for low- and modest-income families and mortgage support. Please ask us if you have a question.
Time for some good news
China is reporting a significant reduction in new cases. This week, Hubei province opened transportation connections back up to Wuhan, with further controls to be lifted throughout the region.
The collective pause that we’re having (even though it’s forced) might be a pause for good. The slowdown in production and transportation is creating a huge reduction in pollution levels. Reports seem to indicate that China’s lockdown led to a 25% decrease in CO2 emissions when compared with the same period in 2019.
On Thursday night at 8pm, after coordinated efforts on social media, the UK stopped to go outside and applaud all NHS staff and carers bravely fighting the disease on the front line.
While social media can be overloaded at times, there are many lovely videos surfacing from Italy, Spain and other countries around the world where people are making the most of the lockdown.
Here to help
As always, we’re wishing you all the best. If you have any questions or concerns, don’t hesitate to reach out to us. We are all in this together!