July 2020
July 27/20
The 2020 buzz words are different than usual. I am already tired of hearing about pivoting and the new normal. Black Swan events are a fairly new term for me. If it is a new term for you, it means an event that no one saw coming, like the corona virus pandemic. What all of these buzz words have in common is that they are all relevant to business owners who are trying to figure out how to remain profitable in 2020 and beyond.
When I work with new business owners, my definition of the two big things that every business has to have is:
1. That the business owners have to know how to make the product or render the service and;
2. There has to be enough customers who will buy
2020 has offered us all a challenge, every business is like a new business. How do we do what we used to do, but in a COVID world? And are there enough people who care about what we are offering so that we will still have customers? Some businesses have reopened but are not working at their reduced capacity because the customers have not returned. Business owners thought that the problem was the government mandated closures, but the problem could be that people don’t want to take risks and/or they don’t have the funds to buy your products or services.
As always, you have to be solving a problem for your customer or they don’t need you. We all have to take a look at whether our businesses are still relevant and how we can operate them profitably.
July 14/20
Application for the Canada Emergency Wage Subsidy (CEWS) for the time period June 7th to July 4th, 2020 will be available starting on July 8th, 2020. This subsidy was supposed to end on June 6th but has now been extended to August 29th, 2020.
In order to apply for this subsidy your revenue for June 2020 must have declined by 30% or more, when compared to your June 2019 revenue. Or you qualified for the May subsidy. The rules are consistent with the prior periods. Your subsidy is the lesser of 75% of the weekly wages paid to your employees and $847 per week. If you are paying employees who are relatives then there is a further rule, that you cannot be paying these employees more than you were paying them back in March.
In order to apply you need to either be able to access your “My Business Account” or have your authorized representative apply on your behalf. You should also have the direct deposit activated with CRA in order to get your subsidy as soon as possible. If you have not applied before head to Canada.ca. If you have applied before then the only change is that the subsidy has been extended beyond its initial time frame.
July 7/20
Application for the Canada Emergency Wage Subsidy (CEWS) for the time period June 7th to July 4th, 2020 will be available starting on July 8th, 2020. This subsidy was supposed to end on June 6th but has now been extended to August 29th, 2020.
In order to apply for this subsidy your revenue for June 2020 must have declined by 30% or more, when compared to your June 2019 revenue. Or you qualified for the May subsidy. The rules are consistent with the prior periods. Your subsidy is the lesser of 75% of the weekly wages paid to your employees and $847 per week. If you are paying employees who are relatives then there is a further rule, that you cannot be paying these employees more than you were paying them back in March.
In order to apply you need to either be able to access your “My Business Account” or have your authorized representative apply on your behalf. You should also have the direct deposit activated with CRA in order to get your subsidy as soon as possible. If you have not applied before head to Canada.ca. If you have applied before then the only change is that the subsidy has been extended beyond its initial time frame.
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