SpringVelocity
Crew Member
Just a thread to network with a bunch of us on this forum that have their own businesses. Discussion around temporary government benefits for business owners, self employed or contractors.
Yes, i am a shareholder of the Corp and get a regular t4. I pay EI so I think I would be eligible for it.Regarding the 2,000 CERB The qualifications seem to contradict themselves, as one point is stopped working, while another is to not expect income for at least 14 days. I am thinking in the case of say a realtor, they have not stopped working, but certainly I would not expect them to have income.
In the case of a corp owned business, could the owner not be "laid off", not qualify for EI, as most corp owners do not, but would qualify for the Cerb, as most business owners receive some sort of T4 as an employee of the corp?
I have no idea if we are able to claim for the 75%. March was definitely down big time over March last year, but April has 3 jobs starting up and others finishing so April will be up over March this year. Month to month just isn’t a good indicator of whether our revenues are down 30%. I won’t really know the effects for another 6 months or so. Construction just goes up and down on a monthly basis but it takes a while to see if you’re up or down. it’s not like we are selling the same amount every month like a car dealership or something like that would be trying to do.
I do know of two large projects that we were going to be working on that have been “postponed”. So that would have been two good sized projects for us later this year that are cancelled for now, therefore our revenues for the year will be down, but it doesn’t help me right now with wage subsidies
I have no idea if we are able to claim for the 75%. March was definitely down big time over March last year, but April has 3 jobs starting up and others finishing so April will be up over March this year. Month to month just isn’t a good indicator of whether our revenues are down 30%. I won’t really know the effects for another 6 months or so. Construction just goes up and down on a monthly basis but it takes a while to see if you’re up or down. it’s not like we are selling the same amount every month like a car dealership or something like that would be trying to do.
I do know of two large projects that we were going to be working on that have been “postponed”. So that would have been two good sized projects for us later this year that are cancelled for now, therefore our revenues for the year will be down, but it doesn’t help me right now with wage subsidies
So can't get wage subsidy and can't get the Emergency Benefit. What to do?
For companies who have project type work in construction and tech, revenues always fluctuate unless you have steady management agreements for services. The wage subsidy act has a lot that still appears to be defined, particularly how we are to present our fy2019 and fy2020 revenues. In my case, we had a lights out march 2019 and a decent, but well under, march 2020 which would seem to indicate we would meet the 30% threshold. April 19 was decent but the GM was lousy while April 20 revenue will be in line with 19 but with strong GM and likely not qualify. In May 20 we will get slaughtered compared to May 19 so I'm interested in knowing if we can opt in and out of the program based on fluctuations in revenue? Also how will these funds be dispersed? If it's a cheque, tax relief, grant? Taxable?
Honestly in the end I will be shocked if I ever see anything out of this program in a timely manner, if at all. I'm definitely not counting on it as to date it rings of political sound bites.
I think the purpose is to keep people on payroll and not have all the employer's layoff staff and have them move to EI/CERB. The amounts will be taxable to the Company, however, if the Company is down revenue 30% then likely it won't be in a profit position anyway. There will be a lag in getting money to employers, that is my understanding. However, I think the main purpose is that people are not laid off and when things start turning back to normal companies are able to start ramp back up much quicker.
I see it more as EI facilitated through the employer to prevent layoffs.
I would just apply for the cerb and im guessing you'll be approved. I know a few people that applied for ei that did not qualify for ei or the cerb and they were approved and told they would be put on the cerb when it started. Just looked at my banks requirements for that 40K loan and apparently you have to have employees and payrolls over 50k, so any small business or sole proprietor gets screwed, way to help out the small guys.So can't get wage subsidy and can't get the Emergency Benefit. What to do?