Weekly Update – 20 May 2020
Welcome back to our Weekly Digest. We hope you and your family are doing well. Read on for this week’s update.
Expansion of emergency business loans
PM Trudeau announced this week the expansion of the Canada Emergency Business Account (CEBA). The PM said “if you are the sole owner-operator a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify.”
This is good news for those businesses, but more details are to come as to when you can apply.
Extension to wage subsidy
This week the government also announced an extension to the CEWS wage subsidy scheme, taking it to August 29. There have also been changes made to extend the eligibility of the program to include organizations such as partnerships and educational and training institutions. There are more details here, but please chat to us if you have a question.
Provinces across Canada are slowly reopening, with different restrictions still in place. If your business cannot yet open, hang in there – but please don’t hesitate to get in touch with us to discuss your cashflow. We are here to help you through these times as we all adjust to the new realities of business.
It was announced this week that the Canada-US border will remain closed for another month as provinces in Canada “carefully and gradually” start to reopen.
Is it time to look at your business model?
This pandemic may have shown you some ways you can pivot your business model to adapt to economic turmoil. Exploring new ways to earn money—such as additional revenue streams—can provide your business with financial stability, and help you be successful.
Here are some questions to ask:
- Is my current business model viable following the pandemic?
- If not, are there ways to adjust my business model?
- Can my expertise be used to create additional revenue streams?
- What are current market trends that could affect how I run my business?
- What are my competitors doing to adapt?
Look to businesses similar to yours to see how they’re changing, and how successful their adjustments are.
We are more than happy to chat with you to help you “future-proof” your business. Please get in touch.