Do you operate a Canadian local home improvement business with employees (i.e.: General Contracting, HVAC, Plumbing, Windows, etc.)? If so, please do not forget to look into the Canadian government’s wage subsidy program. The details are available on the Service Canada website:Service Canada
On a high level, if your business is expected or already has decreased by at least 15% of monthly revenues, year over year, due to COVID-19 related matters, your business may be eligible to receive up to 75% of payroll in subsidies. The 15% drop in revenues may also be compared to the monthly average January 2020 & February 2020 revenues.
Another interesting program is the Canada Emergency Business Account. Interest free loan up to $40,000 for businesses with annual payroll between $50,000-$1,000,000. Contact your bank representative for more details. Recommend to connect with your bank as soon as possible. The process time may take longer as time goes on.
Should you know any contractors, employees or self-employed colleagues whose services were affected by COVID-19, please share this post.
For staying informed on the financial COVID-19 government support programs, please don’t be shy and reach out to us. Our team is here to help.