What you’ll learn…
- What BIG grants are readily available to you and your business and how to apply.
- Which loans are available NOW and how to gain an extra $10,000 for your business.
- The speed in which the government is paying out grants, loans and relief payments.
- One big mistake business owners are making when applying for funds which is denying their application.
- Emergency Wage Subsidy: How you can save on your payroll, salary and more…
- Commercial Rent Relief: A potential subsidy or forgiveness or loan for any person who has a commercial rent property! Stay tuned…
- And More…
Ashley Ryan: So this is the COVID-19 support for Canadian businesses, I’m going to tell you again, what we’re talking about here. And please write your questions relevant to whatever topic we’re on in the chat box and zoom
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Ashley Ryan: And there’s also going to be a Q AMP. A at the end, answering your specific questions. So today we’re going to talk about the money that’s available to you okay for you and your business.
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Ashley Ryan: What big grants and loans are available and how to apply emergency the emergency wage subsidy Josh and David are going to talk about that and commercial rent relief.
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Ashley Ryan: Which is kind of a new thing. And there’s a bunch more things that I couldn’t summarize here.
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Ashley Ryan: And we will dive right in. So the question is who are these people who are we, who’s Josh and David and what do they know about these topics. Well,
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Ashley Ryan: David is the CEO and founder of in Volta accounting and bookkeeping and Josh is one of the most genius corporate and personal tax.
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Ashley Ryan: whizzes in Canada. And so the with this duo combined. We have doubled the brainpower here, David has an MBA and actually was the team captain.
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Ashley Ryan: Of a soccer team professional soccer player. So he has really the team experience and kind of that over
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Ashley Ryan: Over. Over. What is it called over sweeping knowledge and Josh Really has the nitty gritty and experience of filing thousands and thousands of personal in corporate taxes.
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Ashley Ryan: So here’s our team, a little bit about us. We have our head office in Canada. And again, for those of you participating. Just so you know, this is not the backyard basement tax session here. This is
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Ashley Ryan: We’ve been around a long time. We have a lot of
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Ashley Ryan: Experience. We’re one of the fastest growing cloud accounting firms in North America.
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Ashley Ryan: And we serve businesses all over Canada. Okay. And we understand the needs of business owners, because as a business owner versus just being an accountant. Those are two totally different things, right. So we understand the needs of business owners.
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Ashley Ryan: Okay, so I’m just going to stop sharing and we’re going to be able to see Josh and David and I, I just need one minute here just pulling up my notes. So without further ado, I’m David, can you share with us the first point we were going to talk about the $10,000 grant
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David DiNardo: Absolutely. So, the government has made a lot of changes and it’s becoming very confusing for the individual. So we really want to strive to in layman’s terms, be able to articulate what the grants are for in this webinar.
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David DiNardo: As well. If you have any questions, let us know. After the meeting to if you want to apply or need any access. We’re here for you.
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David DiNardo: Before we get into it. I just want you to know from a business perspective what I’m seeing and hearing from business owners are
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David DiNardo: Number one, they’re waiting for the grants that’s available from a monetary perspective, but I see a lot of businesses business owners do a lot of innovation initiatives.
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David DiNardo: To really enhance their businesses and from personal experience. We did. We had personal tax locations where clients were coming in, dropping it off, sort of like an h&r block style.
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David DiNardo: And that God completely destroyed by coven 19 so we put on our innovation hats and now we’re doing everything online. So I really want to strive and stress this message that these grants are there.
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David DiNardo: And they’re helping business owners.
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David DiNardo: But in the background. Everyone should be really looking at their business. During this time, and working on their business and in their business rather than
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David DiNardo: On you know clients perspectives, because maybe their businesses have now are less busy from a client perspective. So it’s great to work on the business right now.
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David DiNardo: And you will see you’ll be well positioned for when this is over, you can really take off and run with it. So on that note, I just want to share my screen.
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David DiNardo: And talk about the eMERGE Kennedy emergency business account. The CDA. So this is a interest free loan.
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David DiNardo: For up to $40,000 and you get $10,000 as a loan forgiveness after the term I believe its interest free for two years for five years and within the two years if 75% is paid back then you receive the $10,000 so what I’m recommending all business owners to do is to qualify
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David DiNardo: I’m showing you what TD has for the application process that process. I know with RBC you can actually log into the RBC business account at the bottom, there’s a banner said
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David DiNardo: Canada emergency business account you can apply there and it goes into an application process. So, all four major banks or six major banks have a different
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David DiNardo: Process, but you can ask your business advisor and they’ll be able to guide you, where the application is so I’m just going to walk you through the the TD account. So you just go apply here. And after this we can send you the application where the website is if you’re a TV member
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David DiNardo: Pretty straightforward application process. So it is for an interest free loan 40,000 until December 31 2020 and then you get $10,000 of loan. If you repay $30,000 by December 31 2020 2022 sorry
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David DiNardo: And then there’s no penalty or interest payments until December 2025 so the government’s really trying to put cash flow in people’s pockets so they can use this to
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David DiNardo: Put it in their business in order to apply there is just some minor criteria has one is the business account number. So, this is your business number
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David DiNardo: RP triple 01 so it’s your payroll number. So whatever your HST number is because a lot of people refer to it like that. It’s usually starts with an eight or seven
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David DiNardo: And then it’s RP triple 01 if you don’t have access to it. Ask your account. They’ll give you access it should be on a tee for slip
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David DiNardo: And
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David DiNardo: It should be it for slip and the other criteria is they need box 14 on your
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David DiNardo: Summary. So I’ll show you what that looks like. So you guys have a visual of it.
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Ashley Ryan: And just so everybody knows, you know, this is assuming your taxes have been filed right David
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David DiNardo: Yeah, so you have to this is based on
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David DiNardo: To for summary. So if you have employees in 2019 then you can apply. So this is what you’re looking for. You can go on to CRA and have access to this or you can ask your account. The box 14 which you’ll see a slip there box 14
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David DiNardo: Is just showing you how much total payroll, you had in 2019 the criteria for it.
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David DiNardo: Is enlarge this
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David DiNardo: The criteria is you have to be between $20,001.5 million in order to be eligible. So you have to have a business number RP number and you have to have have your payroll between 20,001.5 million. All you need is box 14 so essentially you need a business number
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David DiNardo: And you need box 14
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David DiNardo: Yeah. And so for those of you
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Ashley Ryan: Yeah, sorry. Go ahead.
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David DiNardo: If you have those two. Those are the two major, major items that they correspond the application process to
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Ashley Ryan: So if you have any questions about this specifically
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Ashley Ryan: Let us know in the chat box. We have some questions, but they don’t tie into this, which will answer in a minute, Josh. So when do monthly payments start
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David DiNardo: So monthly payments start in if there’s no penalties or or principal payments until December 31 2025 years before payments start
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Joshua Veldman: Got it. Perfect. But if you pay it sooner. I can you hear me all right.
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Joshua Veldman: Yeah, if you pay it sooner than obviously you’re going to benefit from that $10,000 forgiveness. So there’s incentive to you to do that.
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David DiNardo: Yeah, if you pay up to $30,000 back by December 31 2020 you get $10,000 forgiveness.
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Ashley Ryan: Josh, can you check the chat box and see if any of these questions, apply to this topic.
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Joshua Veldman: Yeah, there’s the one there with respect to accessing this CVA. Is there any provision that would allow business access if they don’t have any payroll they pay their staff, but the staff or consultants and don’t get t fours. Unfortunately the answer to that question it right now is no
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Joshua Veldman: There is a bunch of groups.
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Joshua Veldman: That are lobbying the government to include business owners that take dividends, as well as you know business owners that that have
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Joshua Veldman: People I subcontractors for right now. No, there’s no provision for them as of yet. That’s not to say that it won’t happen because as we’ve seen in the past they they change things pretty pretty quickly. But right now, no.
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Ashley Ryan: Okay, Patrick. That’s a great question. And Patrick says our charities eligible
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Joshua Veldman: Yeah, they should, they should be eligible for for this alone. As long as they again meet the criteria of the
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Joshua Veldman: The having the employment for their for their charity.
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David DiNardo: Yes, as long as they’re doing payroll and 2019 they are eligible for it. Correct. Yeah.
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Ashley Ryan: So are there any big David, can you scroll to the top again for those people who just joined. So, this is for the Canada emergency business account form.
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Ashley Ryan: For loan forgiveness, so it’s it’s a $40,000 loan. OK, and then up to 10,000 of that will be eligible for forgiveness. So maybe not necessarily paid back right
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Ashley Ryan: And so any mistakes in filing this application, gentlemen.
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David DiNardo: Yeah, that’s a great question. So we’ve filed a number, a number of them for our clients and the biggest mistake. So after you fill out these are the technical questions only two and then the rest is just
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David DiNardo: Administrative questions internally legal name business phone number, email address branch number account number and then full company address if
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David DiNardo: You have to make sure that the legal name is exactly the legal name as your corporation documents.
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David DiNardo: If it’s incorporated compared to limited you’ll get denied. So everything needs to be exactly the same as what your corporation documents are
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David DiNardo: The second main thing is your address, and all your information needs to resemble your banking information if it resembles the care formation or something’s different from address perspective would get denied as well.
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David DiNardo: So make sure you talk to your business advisor at the bank to make sure that you have the right address if it was an address, two years ago, then you moved commercial buildings or whatnot going to make sure that you’re aligning this application with what your bank has
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Ashley Ryan: Awesome. So those are great tips. Those are really important. This isn’t rocket science. We can help you with this. If you need to, but
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Ashley Ryan: You want to make sure those details are correct. So if we don’t have any further questions or anything else, David, you want to say on this before we move on.
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David DiNardo: So just after once the application gets submitted.
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David DiNardo: If it gets denied, you’ll get a notification and say, hey, the criteria is not met within 2448 hours. If it doesn’t, you’ll receive a $40,000
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David DiNardo: Loan in your corporate bank account, it’ll just say $40,000 like alone that you can use within three business days three to five business days. So we’ll just pop up there and then you can have access to funds.
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Ashley Ryan: Perfect. Sounds pretty straightforward. Yeah, perfect. Awesome. Um, okay. So I don’t see any other questions around that I see some other questions around other things which you will definitely get to Sarah. So your question.
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Ashley Ryan: But we’re moving on now to the wage subsidy and Josh will be presenting this
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Joshua Veldman: Are fearless. Give me a
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Joshua Veldman: Year here text in here. Sounds good. Just going to share my screen there.
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Joshua Veldman: So I’m going to be talking about the the 75% as you mentioned, Wade subsidy. There’s two ways subsidies right now. Hopefully everyone can see the screen there.
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Joshua Veldman: The, the one subsidy is for 75%, which is what we’re going to focus on today because it’s such a large substitute. There is another one for 10%
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Joshua Veldman: But if you’re using a payroll provider or something like that. A lot of times that 10% is being taken care of. Within that payroll provider or through that payroll.
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Joshua Veldman: Program.
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Joshua Veldman: The 75% is outside of that. So that’s kind of why we wanted to make sure that we
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Joshua Veldman: We targeted this so that
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Joshua Veldman: You had information as to what this is. So it’s basically short format. We call that the cues connect Canada emergency Wade subsidy and
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Joshua Veldman: I’m just gonna go here. Yeah. What is it, it’s basically if you’re a Canadian employer and your business has been affected by coven it you’re eligible for a subsidy of up to 75% of employee wages.
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Joshua Veldman: For up to 12 weeks and that can be retroactive back to March 15 2020 and the current ending date is June 6 2020, of course, you might hear that they’ll extend that if you know circumstances around the economy and such like that bear into that, but right now it’s set for June 6 2020
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Joshua Veldman: And their purpose. As you can see there is so that you can hire workers help prevent further job losses a better position you to resume normal operations. So they’re just basically trying to assist you to get through this crisis.
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Ashley Ryan: And just to be clear on this. This is not for say somebody has 50 contractors working for them. This is not contractors. Correct. This is employee.
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Joshua Veldman: That’s right. So,
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Joshua Veldman: I’m just going to go to the next page there.
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Joshua Veldman: So are you eligible for this. That’s a very good question to ask exactly what Ashley was asking there this is specifically for payroll programs so
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Joshua Veldman: If you want to qualify for it. You must meet the following conditions. Number one, you had to have an open payroll program account.
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Joshua Veldman: On March 15 2020. So one of the key things is that people are like, Oh, well, I’m just gonna go back. I don’t have a payroll.
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Joshua Veldman: Account open, but I’m going to go and I’m going to open when I’m going to file some tea for us and everything. If it wasn’t open on. Yeah, it has happened.
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Joshua Veldman: That people have asked that. But you can’t go back and create a payroll account prior to march 15 20
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Joshua Veldman: You know, after story after March 15 2020 because if they’re if they look at that and they see that, chances are they’re going to review your account and make sure that you’re not doing the payroll account because
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Joshua Veldman: You’re trying to access this but that you’re actually doing it that you’re actually accessing this because you’ve had an ongoing payroll.
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Ashley Ryan: So you don’t want your payroll reviewed. You don’t want anything reviewed so if you’re asked. Ask yourself these questions before you take those kinds of actions, right, because then, then your attention is on you and on your business, which is an ideal.
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Joshua Veldman: Exactly, exactly. The second thing is you have to experience a required production and revenue. I’ll get to that on the on the next slide, but you have to have experienced
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Joshua Veldman: A certain amount of hits in terms of your, your revenues over a specific period and you can choose will again, we’ll get into that next one, but you can choose essentially which period to compare it to. So we’ll get into the nitty gritty of that one on the next slide.
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Joshua Veldman: The third thing is you have to submit a Wade sets at the application for the claim period. So there’s three claim periods right now.
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Joshua Veldman: And you have to submit a weight subsidy application for each one of those claim periods. So whether thing to note is that you might not be eligible for one claim period.
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Joshua Veldman: But you might be eligible for another claim period. So even if you’re like, well, my march was still good because I still had a bunch of residual revenues coming in.
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Joshua Veldman: But then April really dropped off the map for the, for the second claim period.
00:19:27.720 –> 00:19:38.430
Joshua Veldman: You’re able to look at that second claim period and you’re able to apply for that one. So they’ve split it up into three claim periods to ensure that even if you don’t are eligible for one you can be eligible for another
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Joshua Veldman: And you have to do these claims before October 2020 so if you still have like a lot of clash cash flow, but you’re like in the back of my mind, I’m going to claim this back, make sure it’s done before October 2020 because after that it’s not it’s not available to you.
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Joshua Veldman: And then the, the last thing there is that it has to be applied for or sign off on applying for by the person who has principal responsibility.
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Joshua Veldman: For the eligible employers financial activities and you have to sign an anticipation form. So someone that can Volta can file this this application for the waitstaff city for you. However, as
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Joshua Veldman: As preparers, we are going to present you with if we were doing application for you. We would present you with the financials that we’re basing it off of
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Joshua Veldman: Your, your payroll accounts and then we’re going to get you to sign off on the form RC 661 which basically says you have looked at the financials, you have looked at the payroll and you’re approving this at a station.
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Joshua Veldman: And you are the key person that signing off on this, on this application. Great.
00:20:54.690 –> 00:21:00.480
Ashley Ryan: Now we have some good questions coming in series and then Dan’s will get to those in a minute. I thank you, Josh, sorry. Go ahead.
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Ashley Ryan: Perfect.
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Joshua Veldman: So I’m just going to go to the next one here.
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Joshua Veldman: So the required drop in revenue. So the government’s been very specific about what they want to see. So your, your
00:21:15.510 –> 00:21:25.320
Joshua Veldman: Your current reference period revenue. So it is a typo there. You must have declined in comparison to the prior reference period, to the extent this listed in this chart.
00:21:26.910 –> 00:21:27.480
Joshua Veldman: So,
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Joshua Veldman: You don’t have to prove that the decline of revenue is related to the coven 19 crisis, but you do have to show that there is a reduction in revenue.
00:21:39.060 –> 00:21:47.130
Joshua Veldman: So you don’t have to explain that the sales dropped because it was coated but chances are it is because of of the code crisis and they know that
00:21:47.460 –> 00:22:01.920
Joshua Veldman: But they want to see the required reduction in revenue. So the first, as I mentioned, there’s three claim periods. The first ones march 15 of April 2 one is April 12 to midnight. And the third one is may 10 to June six, so those are the current
00:22:03.000 –> 00:22:07.080
Joshua Veldman: Three periods that they have for you to make these claims and
00:22:08.580 –> 00:22:11.220
Joshua Veldman: In regards to doing that for the first period because
00:22:12.240 –> 00:22:20.670
Joshua Veldman: They, they said you know the the crisis and you know how how people’s income dropped off again, some people had income still coming in.
00:22:20.940 –> 00:22:33.900
Joshua Veldman: But then in April, they started to feel the pinch. So the required reduction and revenues only 15% up to April 11 but the fall and periods. After that, you have to have had a dropping revenue by 30%
00:22:34.950 –> 00:22:38.670
Ashley Ryan: And if you’re looking at this and thinking, Oh my gosh, forget it. I don’t want to deal
00:22:38.670 –> 00:22:45.570
Ashley Ryan: With this, you go on over to end volta.ca see your logo there. Just add ca on the end there’s a business a corporate
00:22:45.840 –> 00:22:50.580
Ashley Ryan: Section on our website and you just grab a console with us so we can help you. Easy peasy. No problem.
00:22:51.060 –> 00:22:51.810
Ashley Ryan: And yeah.
00:22:52.170 –> 00:22:58.230
David DiNardo: And Josh when you talk about revenues. What do you mean by that, like, how, how did they find out where their revenues are
00:23:00.660 –> 00:23:01.710
Joshua Veldman: In terms of
00:23:02.700 –> 00:23:04.590
David DiNardo: Like if they’re trying to
00:23:05.010 –> 00:23:06.630
David DiNardo: See if they’re eligible or nine
00:23:08.520 –> 00:23:21.720
Joshua Veldman: Gotcha. Yeah. So in order to in order to have this application and to have the required documentation you need to be tracing your sales on an ongoing basis. So you need to have some sort of program.
00:23:23.070 –> 00:23:29.940
Joshua Veldman: And either either someone that’s bookkeeping for you an accountant that’s handling your books, whatever it might be.
00:23:31.380 –> 00:23:40.920
Joshua Veldman: You need to have somebody handling that on an ongoing basis because you need to have up to date information for all of these periods in order to be able to make that claim back
00:23:41.310 –> 00:23:52.350
Joshua Veldman: And again, up to date books is really important as as soon as possible because you want to make this claim as soon as possible. You don’t want to be waiting too long to make this claim.
00:23:53.490 –> 00:24:07.290
Joshua Veldman: You know months down the road, because then it becomes a rush to get it in. So keeping up to date records of your, of your sales is really important for for making this claim. And obviously, because you’re making it on payroll, you need to have up to date records for payroll.
00:24:07.860 –> 00:24:13.320
David DiNardo: And you can just go on to your QuickBooks Online QuickBooks desktop zero whatever your accounting software.
00:24:14.280 –> 00:24:30.150
David DiNardo: Do a search on an income statement or a profit loss statement pull up the, the current month in 2019 in March, compare it with the claim period of March 15 April 11 and and then do a percentage calculation.
00:24:30.750 –> 00:24:35.040
David DiNardo: Or a January in February average to
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David DiNardo: Comparison. So take a look at those reports so that you can determine if internally you qualify or not.
00:24:45.600 –> 00:24:59.430
Joshua Veldman: Exactly and and let’s say you are a business that started in November of last year, obviously you don’t have the 2019 financials. So again, they alternative approach, January, February, look at your sales for that and see if they fell
00:25:00.090 –> 00:25:01.830
Joshua Veldman: In the following period.
00:25:02.220 –> 00:25:13.740
Joshua Veldman: One key thing to note is that if you choose the general approach, you have to stick with that for the rest of the three periods. If you choose the alternative approach, you have to stick with that for the rest of the three periods. So you can’t
00:25:14.130 –> 00:25:33.120
Joshua Veldman: Pick and choose which one works best as a comparison. You have to basically say, Okay, I’m choosing january february 2020 as my baseline. And I’m going to compare these following claim periods to those or I’m going to choose and compare my following claim periods to those previous ones.
00:25:33.330 –> 00:25:42.480
David DiNardo: And without getting too technical, from an accounting perspective. You can also claim it as a cash base or an accrual basis. So if you decide to
00:25:43.230 –> 00:25:50.010
David DiNardo: Claim the periods as an accrual basis accounting, which means sending out invoices and not necessarily receiving that cash.
00:25:50.580 –> 00:26:02.670
David DiNardo: Then you have to claim that through the three months of eligibility and vice versa, if you claim it as a cash base when you receive the money that has to reflect the three periods.
00:26:03.960 –> 00:26:06.150
David DiNardo: Of which is required.
00:26:06.600 –> 00:26:19.950
Ashley Ryan: And if you don’t understand what David just said you can get a console with us and we will help you sort this out. No problem. And so, Josh, because of time, I’m going to get you to you have more to show right
00:26:21.600 –> 00:26:22.500
Ashley Ryan: You have some more slides.
00:26:22.860 –> 00:26:23.250
Joshua Veldman: Yeah.
00:26:23.670 –> 00:26:27.810
Joshua Veldman: So I just wanted to show you quickly if you are looking to do this yourself if you’re
00:26:28.140 –> 00:26:36.780
Joshua Veldman: A fearless person in here wanting to do this yourself. There is still a lot more information that you need to get through, so I would highly recommend
00:26:38.100 –> 00:26:48.180
Joshua Veldman: You know, getting someone to partner with you either a bookkeeper or an accountant to help you walk through this, but you can access it through my account or represented client.
00:26:50.040 –> 00:26:57.930
Joshua Veldman: You can basically go to the Canadian emergency Wade subsidy. Click on that and it’s going to pull up a page.
00:26:59.190 –> 00:27:09.660
Joshua Veldman: That will show you essentially what all these all these line items and you need to have that data, you know, you need to have your sales, you need to have your
00:27:10.680 –> 00:27:26.520
Joshua Veldman: Your payroll for that period, you need to have all those amounts ready in order to to go into that Canada emergency ways subsidy area and I do have a PDF that I don’t know if we can share later on that shows you some of the
00:27:27.600 –> 00:27:43.500
Joshua Veldman: Items in there. I won’t go too much into detail on that because there’s a lot of technical items in there but you need to have information basically from your payroll and from your income statement or profit and loss as David mentioned before, so that will be. Yeah.
00:27:43.680 –> 00:28:01.230
David DiNardo: Sorry, I just an FYI. If right now your numbers are not up to date. The first thing that you can do immediately is go to CRA My Business Account and do the registration so that when your accounting is up to date. You can you can then apply for the subsidy just enough
00:28:02.970 –> 00:28:03.480
Joshua Veldman: That’s right.
00:28:05.130 –> 00:28:16.920
Joshua Veldman: And and just to keep in mind that just the calculation for the application is and this is getting into a technical, but this is the basic app a tech
00:28:18.270 –> 00:28:23.010
Joshua Veldman: This is the basic technical portion of the application where
00:28:24.090 –> 00:28:34.530
Joshua Veldman: It tells you what you can claim for each week for each employee so 75% of the employees eligible renewed remuneration for the week or
00:28:35.700 –> 00:28:44.520
Joshua Veldman: $847 or zero fits a non arm’s length employee and the and the greater of x or y. So,
00:28:45.480 –> 00:28:52.560
Joshua Veldman: You really have to, you really have to navigate through some technical terms when you’re when you’re dealing with this, which is why I would
00:28:53.370 –> 00:29:09.690
Joshua Veldman: Highly recommend again utilizing a bookkeeper or accountant, in order to to make this application because the financial implications are large and you don’t want to miss out on being able to get this this subsidy back from the government.
00:29:13.020 –> 00:29:16.140
Joshua Veldman: And that is what I had for Uber. Awesome.
00:29:16.470 –> 00:29:26.610
Ashley Ryan: Josh That was amazing. David, is there anything. What are the biggest mistakes regarding this that you’ve seen guys you fellows have seen people make or be wrong assumptions.
00:29:27.690 –> 00:29:33.900
David DiNardo: Well, this application process just came out on Monday. So it’s still very new and
00:29:35.070 –> 00:29:44.760
David DiNardo: The, the Excel spreadsheet that the government has provided is now on version five. So there’s, it’s a little more complicated to submit
00:29:45.360 –> 00:29:59.370
David DiNardo: This application than the others. So what I highly recommend is just make sure your numbers are completely accurate. They’re not changing before making a submission. It’s better to, you know,
00:29:59.640 –> 00:30:07.170
David DiNardo: Wait a couple days or wait a week to finalize and make sure they’re all reconciled so that there’s no
00:30:08.460 –> 00:30:12.450
David DiNardo: There’s no mistake in the application process. Awesome. So
00:30:12.690 –> 00:30:15.390
Ashley Ryan: That’s put them in the chat box. Sorry. Josh, go ahead.
00:30:15.630 –> 00:30:25.620
Joshua Veldman: Yeah, I just wanted to say that is why the government is giving you until October 2020 because they know that for some people gathering all that information and getting it all together is going to take
00:30:26.010 –> 00:30:43.650
Joshua Veldman: A little while if you’re not, if you don’t have up to date accounting on a month to month basis so they know that it’s going to take a while. And even if you have it on a month to month basis you have some some leeway in terms of time in order to get that application in for those periods.
00:30:44.310 –> 00:30:55.770
Ashley Ryan: So we have something else coming up. That’s going to take just a couple of minutes. Get your specific business questions related to tax and accounting and coven and all this ready is we’re going to answer them. Serious question is
00:30:56.100 –> 00:31:01.110
Ashley Ryan: When is GST HST for businesses to do to be paid if you’ve already filed your business income tax.
00:31:03.780 –> 00:31:04.290
Joshua Veldman: Okay.
00:31:05.040 –> 00:31:18.390
Joshua Veldman: Yeah, sure. If you your, your GST, and your HST returns are are still required to be filed on time your corporate income tax returns are still required to be filed on time so
00:31:18.750 –> 00:31:20.040
Ashley Ryan: But one of the payments do
00:31:20.700 –> 00:31:23.940
Joshua Veldman: That’s, that’s a good question. So, any, any of the
00:31:25.020 –> 00:31:33.720
Joshua Veldman: Of the payments that were that were due between the period. I think they said march 27 after after that.
00:31:34.680 –> 00:31:43.680
Joshua Veldman: Are all do September 1 so you have until August 31 to make those to make those payments on on all of those. So you have a
00:31:44.130 –> 00:31:51.810
Joshua Veldman: Essentially, a little bit of a loan from the government in terms of time to pay those, but that is due on August 31 so
00:31:52.440 –> 00:31:59.850
Joshua Veldman: If you have that money or you think you might have that money in an account what we’ve been recommending to people to do set up a post dated payment.
00:32:00.480 –> 00:32:08.250
Joshua Veldman: For august 31 so you don’t get dang, you don’t get hit with any penalties or anything like that, if you if you know that you expect to have some of that money for that time.
00:32:08.670 –> 00:32:17.700
Joshua Veldman: Just said that that that that money for that August 31 payments so that automatically. It goes through on August 31 again so you don’t get hit with any interest or penalties.
00:32:18.330 –> 00:32:19.260
David DiNardo: And on top of that.
00:32:19.920 –> 00:32:25.200
David DiNardo: I can also set up potentially a savings account where you can allocate that money so you know how much
00:32:25.290 –> 00:32:33.120
David DiNardo: You owe the government. But again, this is an interest free loan. So if you unfortunately don’t have the cash flow to
00:32:34.230 –> 00:32:41.220
David DiNardo: Pay someone or your visa statements, your visa accounts are accumulating because of the situation.
00:32:42.240 –> 00:32:54.210
David DiNardo: You know, I recommend taking that potential money paying down your high interest loans, so that you’re not getting killed by interest and penalties on
00:32:55.380 –> 00:32:57.450
David DiNardo: Different banking institutions.
00:32:58.290 –> 00:33:08.130
Ashley Ryan: That’s a great point, David. Um, and, and just another thing to add. We do do a we have a report, the red flags for CRA and what they look out for you.
00:33:08.370 –> 00:33:18.930
Ashley Ryan: You were talking about interest and penalties, but also so you don’t, we don’t want it you on that you and your business on their radar. Right. So, that can be a red flag right if people are making regular late payments correct Josh
00:33:19.200 –> 00:33:23.850
David DiNardo: And I think the main thing is, and Josh touched on it. The paint.
00:33:24.360 –> 00:33:29.850
David DiNardo: The submission still need to happen. People think sometimes. Oh, I don’t have to pay. I don’t have to submit
00:33:30.120 –> 00:33:51.030
David DiNardo: Well, you’ll get you’ll still get ding five to 10% if you don’t submit. So no matter what submit the HST submit your taxes and make sure that the payroll submitted so that you’re not getting any penalties and just the interest is getting pushed to September 1 awesome
00:33:51.300 –> 00:33:56.040
Ashley Ryan: We have one more question from Dan. Then we’re going to move on and then we’re going to have her question period. So get ready with your questions.
00:33:56.370 –> 00:34:12.450
Ashley Ryan: I’m a single person corporation no employees. The last year was my first full year of being incorporated my 2019 taxes have not been completed yet. Am I eligible for the tax free loan, as I do not have a tea for some summary yet for
00:34:15.570 –> 00:34:26.610
David DiNardo: So again you are eligible, if we are submitting payroll for you on a bi weekly or monthly basis and you still haven’t received that tea for ask
00:34:27.090 –> 00:34:45.780
David DiNardo: Your account and we’d be able to get that for you. There’s two ways to pay yourself out of a corporation through payroll or through dividends. So if you’re getting paid by payroll, you should then and it’s over $20,000 then you’d be eligible for the $40,000 loan forgiveness.
00:34:47.100 –> 00:34:53.100
Joshua Veldman: And just a little bit of an addendum to that right now for for owners that paid themselves out.
00:34:54.210 –> 00:35:08.370
Joshua Veldman: As by dividends. They’re not given a whole lot to them, you know, this 40,000 loan. They’re not really eligible for. They’re not really eligible for any of these pay the you know the wage subsidies or anything like that.
00:35:09.450 –> 00:35:16.020
Joshua Veldman: So the only the only application that’s really open to them is the the loans. The, the loans that you can get through, etc.
00:35:16.740 –> 00:35:26.910
Joshua Veldman: That’s basically all that they’re giving to dividend owners right now unless you have completely no income and then you’re eligible for the current benefit that $2,000 a month benefit.
00:35:27.330 –> 00:35:42.000
Joshua Veldman: So again, there’s a ton of groups that are lobbying on behalf of small business owners that have been paying themselves by dividends. So we might see changes to this in the future. But as of right now, they’re not giving a whole lot to owners who paid themselves by dividends.
00:35:42.030 –> 00:35:44.070
David DiNardo: Unfortunately, that’s a good point, Josh.
00:35:44.160 –> 00:35:55.920
David DiNardo: If you are not taking a salary or dividends out of your corporation during these last two months you are eligible for the $2,000 per month.
00:35:56.880 –> 00:36:04.560
David DiNardo: Personally, so you can apply through your CRA my personal account. There’s a few questions. But people that do
00:36:05.100 –> 00:36:16.650
David DiNardo: Receive dividends are now eligible for that. So like Josh said not too many things from a business perspective, but you are still eligible for the $2,000 per month on the personal side.
00:36:17.940 –> 00:36:24.510
Ashley Ryan: So Diane has a great question. And we’re going to answer that, we just need to choose three more minutes. David’s going to talk about the commercial rent.
00:36:25.860 –> 00:36:28.800
Ashley Ryan: Status of commercial rent and then we’ll jump into your questions.
00:36:29.550 –> 00:36:40.500
David DiNardo: So I just want to show you and we’ll send this link to Canada Kobe 19 economic response plan. It’s on the Sierra. Sierra website it’s updated regularly.
00:36:40.890 –> 00:36:50.430
David DiNardo: It shows everything that the government is doing. So the Serb what we talked about and what the qualifications are so everything from
00:36:51.030 –> 00:37:00.510
David DiNardo: Personal individual to seniors to post, post secondary students and then to businesses. So if you’re looking for.
00:37:00.840 –> 00:37:13.710
David DiNardo: Any specific information on a on a in an efficient manner manner. You can go on this website and you can quickly take a look. I know there’s a lot of comments about the 10% wage subsidy. We’ll talk about that.
00:37:15.150 –> 00:37:24.120
David DiNardo: After this, but I just want to talk about the Canadian emergency commercial rent assistance. So this came out last week.
00:37:24.840 –> 00:37:33.870
David DiNardo: And essentially what it is is this program will lower ranked by 75% for small businesses that have been affected by Cobra 19
00:37:34.680 –> 00:37:51.540
David DiNardo: The program will provide for forgivable loans to qualify and commercial property owners to cover 50% of three monthly rent payments that are parable payable by eligible small business stands or experienced financial hardship during April, May and June.
00:37:53.130 –> 00:38:00.870
David DiNardo: The loan will be forgiven if the mortgage property owner agrees to reduce the small business tenant rent by 75%
00:38:01.290 –> 00:38:14.460
David DiNardo: Under our rent forgiveness agreement which will include a turn, not to evict a tenant, while the agreement is in place a small business tenant will cover the remaining 25% so
00:38:16.050 –> 00:38:25.080
David DiNardo: They could reduce the rent by 75% the tenant only has to pay 25% if they’re eligible in order for small businesses to be eligible, they have to
00:38:26.160 –> 00:38:38.820
David DiNardo: Cover two criteria has one the rent has to be less than $50,000 per month. And the second is it happy that the revenues have to drop by 70% in order to qualify
00:38:40.770 –> 00:39:00.540
David DiNardo: The qualification periods are going to be April, May, June, and the application process will be in mid May. So there’s still more information to follow. I’m assuming it’s going to change about 20 other times before it comes out, because that’s how everything else has happened, but in a nutshell.
00:39:01.560 –> 00:39:15.930
David DiNardo: You can. The rent is going to be reduced by 75% the tenant only have to pay 25% of it. If the revenues have dropped by 70% in the quarters that are going to be identified. Awesome.
00:39:16.560 –> 00:39:26.790
Joshua Veldman: That’s and yeah. And one of the things to note about that is that it depends on the landlord’s willingness to be a part of that program so
00:39:28.650 –> 00:39:37.590
Joshua Veldman: Basically, have a good relationship right now with your landlord because it’s something to discuss with them if if that is you and you
00:39:38.040 –> 00:39:44.220
Joshua Veldman: Can take advantage of that program have a have a conversation, a good conversation with your landlord because you know
00:39:44.910 –> 00:39:52.290
Joshua Veldman: Some, some people are like, I can’t pay the rent at all. So the landlord says, I’ll see you in the court. But this would probably be cheaper for the landlord.
00:39:52.830 –> 00:40:03.990
Joshua Veldman: To deal with, especially on a lot of smaller rental amounts for businesses, it’s easier for them to just take that 25% hit as opposed to going through some legal means to obtain their rent.
00:40:05.340 –> 00:40:10.110
Ashley Ryan: So, um, okay. So we have some questions here. Josh, can you pull up the chat box starting it
00:40:10.110 –> 00:40:15.930
Ashley Ryan: Yeah. Dan Smith at one 1:34pm that’s where the questions start, we’re just going to answer.
00:40:15.930 –> 00:40:25.080
Ashley Ryan: Them in order. And for those of you who have other questions you can pop them in the chat box and we will answer them. So it’s a free for all of questions. So
00:40:27.930 –> 00:40:31.020
David DiNardo: Sorry to cut you off. I think we’re at Patrick at 127
00:40:31.470 –> 00:40:32.460
Ashley Ryan: Oh, okay.
00:40:32.550 –> 00:40:34.140
Ashley Ryan: I know somebody answered that for
00:40:34.140 –> 00:40:36.390
Ashley Ryan: Him. Didn’t think Howard. Howard answer that.
00:40:36.420 –> 00:40:37.500
Joshua Veldman: Yeah, Howard actually
00:40:37.770 –> 00:40:39.120
Ashley Ryan: That’s the correct word
00:40:39.390 –> 00:40:45.840
Joshua Veldman: Yeah, that’s to Howard, you got it right. It’s the temporary Wade subsidy and it’s a
00:40:46.110 –> 00:40:52.230
David DiNardo: Joy, Josh, can you talk about the 10% wave subsidy compared to the 75%
00:40:54.870 –> 00:40:58.920
Joshua Veldman: Yeah, the 10% Wade subsidy is a lot easier to access because
00:41:00.000 –> 00:41:03.900
Joshua Veldman: It’s, it’s basically a Wade subsidy similar similar to
00:41:05.070 –> 00:41:08.670
Joshua Veldman: To to the criteria with with the with the current one.
00:41:09.840 –> 00:41:11.610
Joshua Veldman: Emergency Wade subsidy, but
00:41:12.720 –> 00:41:26.550
Joshua Veldman: Suffice it to say, you don’t have to go through this whole application where you have to prove drops and revenue and everything like that you could basically a test to something and and make a claim against afford 10% of your
00:41:27.660 –> 00:41:41.250
Joshua Veldman: Salaries right off of what you would submit to the CRA on a monthly basis, whereas the 75% one you have to still do your monthly remittance to the CRA on the 15th and then you claim back the money.
00:41:42.180 –> 00:41:52.560
Joshua Veldman: Excuse me through the, through the ques application. So it’s a little, little easier. And like I said, most, most payroll providers, whoever they might be wage point QuickBooks.
00:41:53.100 –> 00:42:08.010
Joshua Veldman: ceridian whatever they might be most of them have that 10% now already built in to the program. So you click a button and it takes care of that. So it’s a pretty straightforward one, it’s, it’s the 75% one that’s a lot more difficult to navigate around
00:42:08.820 –> 00:42:19.350
Ashley Ryan: Correct. What else have we got here. And the questions and then I’m launching a poll. For those of you. And if you can just take one minute it’s one question. If you can answer that poll while Josh is answering the questions.
00:42:21.030 –> 00:42:28.530
Joshua Veldman: My parents are business owners all the profits they may go into their business bank account in every month they take their salary from that account to pay for grocery bills, etc.
00:42:28.890 –> 00:42:39.960
Joshua Veldman: They do not have any other employees but themselves can they apply for cues. My mother’s the legal owner on bit business on the paper. My dad isn’t my kid, my dad apply for curve if he stops taking a good salary for business account.
00:42:41.790 –> 00:42:44.490
Joshua Veldman: I won’t get too deep into this because it started.
00:42:45.780 –> 00:42:51.360
Joshua Veldman: Probably something I’d be looking at your situation more more deeply. But just off the top my head, I would say.
00:42:52.410 –> 00:43:08.820
Joshua Veldman: If they are taking salary out of the company, and they’re not bumping up the salary or anything like that. They’re just keeping it as per normal and taking it out of the business, then yes, they’re eligible for the cues. They’re eligible to get that 75% reduction on their
00:43:11.010 –> 00:43:21.960
Joshua Veldman: On their on their amounts there, but they do have to, there’s a specific limit to people who are non arm’s length. So you just have to be aware of that. There’s some some navigation around that.
00:43:23.430 –> 00:43:31.470
Joshua Veldman: In terms of the dad if if he does stop taking a salary. Yes he can apply for curb
00:43:33.450 –> 00:43:46.110
Joshua Veldman: But one of the, one of the things they may look at is, does the does the business still have a lot of income coming in. Could they still technically paid salary as per normal if the business is still going on as per normal. The CRA might take
00:43:47.190 –> 00:43:48.360
Joshua Veldman: exception to that. But
00:43:49.680 –> 00:43:57.480
Joshua Veldman: You know, I would, I would say probably if they have no income coming in right now, then yeah, they could, they could claim the curb.
00:43:57.840 –> 00:44:14.940
Joshua Veldman: One of the key things to remember is that if your business stops making income and you still have let’s say $120,000 in savings. You don’t have to drain that savings to zero. The government will actually pay you that curb 2000 if your income has has disappeared in your corporation and
00:44:14.970 –> 00:44:16.800
Joshua Veldman: You don’t have to be pulling those savings out
00:44:17.160 –> 00:44:23.370
David DiNardo: And the one thing I want to add to that that $2,000 is taxable. So people need to
00:44:23.880 –> 00:44:40.110
David DiNardo: Put aside at least 20 to 30% of that because that whole $2,000 is not, you know, at the end of the year, you weren’t going to get a slip and you’re going to be taxed on that as income. So just an FYI for money management for the end of the year. Awesome.
00:44:40.140 –> 00:44:43.560
Ashley Ryan: Love that. Damon. Okay, next question. Josh,
00:44:44.520 –> 00:44:56.130
Joshua Veldman: Volunteer info about activities to apply. Oh, I see. There was a one above the student 1200 application for that and volunteer info about activities to apply for the student 1000
00:44:57.270 –> 00:45:07.440
Joshua Veldman: So, as far as I understand those programs are still being rolled out and the application has not really been ironed out. So, as we mentioned the cues that’s been
00:45:08.070 –> 00:45:23.310
Joshua Veldman: The 75% has been talked about for about a month now we’ve got the application open on Monday. So again, with that student it’s, it was announced. I think a couple weeks ago. So we probably won’t see that again till mid May or later.
00:45:23.430 –> 00:45:24.060
David DiNardo: Yeah, and
00:45:24.300 –> 00:45:24.870
Joshua Veldman: Education.
00:45:24.900 –> 00:45:36.990
David DiNardo: Took a look at it and it’s a the application process is still not there, and the timeframe is going to be between May and August. So once they sort out the details, then the application will be available.
00:45:37.590 –> 00:45:43.290
Joshua Veldman: Yeah, so unfortunately we can’t tell you too much about that application right now.
00:45:44.760 –> 00:45:45.270
Joshua Veldman: And
00:45:46.500 –> 00:45:49.440
Joshua Veldman: There was the 25% reduction by landlords
00:45:52.590 –> 00:45:53.670
Joshua Veldman: And very commercial
00:45:54.000 –> 00:45:54.660
00:45:55.860 –> 00:45:59.880
Joshua Veldman: It, it’s basically a 25. I don’t know if that was a statement or
00:46:01.380 –> 00:46:02.700
Ashley Ryan: What about cams.
00:46:04.230 –> 00:46:04.920
Joshua Veldman: cams.
00:46:06.810 –> 00:46:09.690
Joshua Veldman: At Kansas. Yeah, I’d have to. There are so many
00:46:11.640 –> 00:46:13.800
Ashley Ryan: Things going. Any other questions.
00:46:13.830 –> 00:46:20.880
Ashley Ryan: About coven business tax questions we are open for another couple of questions here.
00:46:20.910 –> 00:46:22.950
David DiNardo: So Gary, if you want to just
00:46:24.150 –> 00:46:30.960
David DiNardo: Let us know what Kansas. I just checked. I didn’t know what the abbreviation when so if you want to just write what Kansas, we can answer that question.
00:46:31.290 –> 00:46:42.180
David DiNardo: In regards to Howard for the commercial rent relief. If you pay rent with post dated checks the rent be reduced when the forms are finalized, or should we cancel the post dated checks now.
00:46:42.930 –> 00:47:00.540
David DiNardo: That’s a great question. Unfortunately, right now we don’t have the application process to identify and let you know what the best options are. But, you know, from my perspective, until the applications have been finalized. I would continue to
00:47:01.770 –> 00:47:20.640
David DiNardo: Operate your business like it should be and have those conversations with your landlords to see what were their minds are at before. They cash the checks, just to be on the safe side. But again, once we see the application that will determine the questions. No.
00:47:20.910 –> 00:47:24.900
Ashley Ryan: cams is common area maintenance services.
00:47:26.040 –> 00:47:27.270
Joshua Veldman: It represents. I see.
00:47:27.390 –> 00:47:30.420
Ashley Ryan: A significant amount of rent costs for Jerry’s question.
00:47:31.980 –> 00:47:39.030
Joshua Veldman: Gotcha. Yeah, they haven’t they haven’t specified yet whether those costs will be rolled into it.
00:47:40.620 –> 00:47:43.770
Joshua Veldman: In terms of of those amounts
00:47:44.940 –> 00:47:59.940
Joshua Veldman: Probably landlords are going to argue that those are costs that they have to incur and there are basically reimbursements of their costs. So you know there’s there’s a possibility that that will not be included, but we can’t say right now.
00:48:00.300 –> 00:48:05.550
David DiNardo: Yeah, because from from a landlord perspective, they’re allowed to get 50% from the government.
00:48:05.730 –> 00:48:11.700
David DiNardo: And then that 25% from the small business. So they’re actually getting 75% of the right
00:48:12.120 –> 00:48:24.420
David DiNardo: Now, a lot of landlords might not get anything because some businesses might not be able to afford it. If they have no business. So I think they would be open to that. Obviously, I think it’s a benefit for both parties.
00:48:25.530 –> 00:48:31.320
David DiNardo: But yes, the landlords would lose out on at least 25% of their rent.
00:48:32.340 –> 00:48:35.970
David DiNardo: But that’s a great question. I’ll just answer Paul’s question.
00:48:37.290 –> 00:48:43.560
David DiNardo: Question for a friend is the 40 K business loan available to non corporate corporate a business question.
00:48:43.830 –> 00:49:00.600
David DiNardo: It’s a great question, and it is available as long as they have payroll which sole proprietors can have payroll. So as long as they have a payroll account in 2019 and as long as their payroll exceeded greater than 20,000 and less than 1.5 they could still apply for it.
00:49:01.350 –> 00:49:14.340
Joshua Veldman: And just quickly, we mentioned the 75 reminds me of the 75% Wade subsidy sole proprietors are also eligible for that 75% as long as the
00:49:15.390 –> 00:49:28.350
Joshua Veldman: The payroll thats related to that sole proprietor is not for the owner, so it is it’s it’s eligible for sole proprietors for the payroll that’s paid to employees that are not the sole proprietor owner
00:49:28.830 –> 00:49:40.890
Joshua Veldman: So that’s just something to keep in mind if you are sole proprietor, and you have a couple people on payroll, you are eligible to to claim that 75% if you if you meet the eligibility criteria.
00:49:42.000 –> 00:49:42.480
Joshua Veldman: Awesome.
00:49:42.810 –> 00:49:43.890
Ashley Ryan: Great question Melissa.
00:49:43.920 –> 00:49:45.750
Ashley Ryan: David, I think, is ready to answer.
00:49:45.840 –> 00:49:47.520
David DiNardo: Yes, I’m ready lab is not
00:49:47.550 –> 00:49:48.900
Joshua Veldman: So self as employee.
00:49:49.230 –> 00:49:57.570
David DiNardo: Yeah, the first question. The first part is, I’m a sole owner of an incorporated business and pay myself as an employee when this all started I applied for EI so
00:49:58.170 –> 00:50:10.260
David DiNardo: Before we get into the the rest. If you’re a business owner and you own greater than 40% of the business, you’re not eligible to your exempted don’t pay EI and eligible to get EI.
00:50:10.650 –> 00:50:18.840
David DiNardo: So I think this might be a bigger question that you can reach out to us afterwards and we’d love to to help you with it. Unless, Josh, you have
00:50:20.100 –> 00:50:22.230
David DiNardo: Another comment to add to that.
00:50:36.270 –> 00:50:36.960
David DiNardo: Hey there, Josh.
00:50:37.830 –> 00:50:42.270
Joshua Veldman: Sorry, my, my headphones. You guys can still hear me though.
00:50:42.300 –> 00:50:43.200
David DiNardo: Yeah, that’s perfect.
00:50:44.760 –> 00:50:47.070
Joshua Veldman: Perfect, I’ll just pull this out here.
00:50:48.480 –> 00:50:50.100
Joshua Veldman: I’m assuming you answer that last one.
00:50:50.130 –> 00:50:51.510
David DiNardo: Sorry, my yeah I just
00:50:52.260 –> 00:51:09.840
David DiNardo: If you’re a soul. If you’re the only owner of an incorporated company you’re exempted from EI and you therefore can’t claim me i. So, this is a bigger question that potentially we can have a consult with you and we can help sort it out.
00:51:11.700 –> 00:51:13.950
Ashley Ryan: Call insult links on this slide here.
00:51:15.240 –> 00:51:15.510
00:51:18.030 –> 00:51:24.300
Ashley Ryan: Any other questions. Thanks, Jerry, I appreciate it. And thanks everybody for tuning in.
00:51:25.680 –> 00:51:28.860
Ashley Ryan: Also, if you just you have that PDF
00:51:30.930 –> 00:51:33.600
Ashley Ryan: Related you can actually attach it in the chat box.
00:51:34.050 –> 00:51:34.980
Joshua Veldman: Oh, that’s true. Yeah.
00:51:36.210 –> 00:51:37.080
Joshua Veldman: We’ll pull that
00:51:38.040 –> 00:51:41.370
Ashley Ryan: And we highly recommend. What I’m going to do here is
00:51:42.540 –> 00:51:51.090
Ashley Ryan: We send out a newsletter every week on updates and different things and I’m just going to post it.
00:51:52.110 –> 00:51:56.580
Ashley Ryan: Actually if you signed up for this, you will get the newsletter as well so
00:51:56.940 –> 00:52:08.370
David DiNardo: Also I’m posting a link for the economic response plan that has all the details in there so you can also click that link and refer to anything. We talked about if you need to any specific details.
00:52:08.580 –> 00:52:17.790
Ashley Ryan: Yeah, I’m Josh just posted the PDF in the chat. So I’ll give you guys a minute to any last questions before we go any questions about your business in particular.
00:52:19.620 –> 00:52:34.530
Ashley Ryan: Around taxes accounting. Again, we do clients all over Canada we work with clients over Canada we file taxes online personal taxes. So if you want your personal taxes filed online. The date is extended to June 1 but we recommend doing it by May 15
00:52:35.640 –> 00:52:45.600
Ashley Ryan: So that you’re on time and you can go to involve.ca and get your taxes done online. I think Scott. We really appreciate your feedback. We try to make a dry topic. Interesting.
00:52:47.850 –> 00:52:50.700
David DiNardo: And yeah, thanks. Jerry as well for the comment we
00:52:51.660 –> 00:52:53.160
Ashley Ryan: Everybody’s participation.
00:52:53.220 –> 00:52:53.970
Ashley Ryan: We’re spending.
00:52:54.000 –> 00:53:03.090
David DiNardo: A lot of time taking a look at what the government is doing and making sure that we can provide it to our clients. So we’re happy we can provide it to many more people
00:53:03.480 –> 00:53:08.610
David DiNardo: And again, if you have any questions with the application process reach out to us. We’d love to help you.
00:53:09.570 –> 00:53:20.880
David DiNardo: There’s a lot of changes. So it’s overwhelming for business owners because they have to operate their business. So we’re here to help and and get the process started for you. Mm hmm. Yep.
00:53:21.360 –> 00:53:34.470
Ashley Ryan: And thank you, Helen, thanks for your great comments and everyone and thank you, Josh, and David for pioneering this spearheading this interesting, interesting navigation or Rose, thank you. Thank you, Rose, thank you everybody else.
00:53:35.580 –> 00:53:37.050
Ashley Ryan: And we will see you on our next one.