Apr 20, 2020

COVID 19 Urgent Business Updates




Ashley Ryan: Hi, everyone. It’s Ashley. Ryan and David DiNardo from in Envolta bookkeeping and accounting, your number one bookkeeping and accounting firm in North cloud accounting firm in North America.


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Ashley Ryan: We specialize in working on the cloud and cloud technology which is really exciting, which allows us to do everything from home for you and for you to get your bookkeeping and tax filing done it from the comfort of your home.


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Ashley Ryan: And today we want to talk about changes for business with the


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Ashley Ryan: updates and changes, David is our CEO. He’s we are up constantly everything’s changing daily. So we’re giving you these live changes right now. And so I’m just going to share my screen. And we’re going to give you a little presentation here.


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Ashley Ryan: So David, take it away.


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David DiNardo: So the first thing I just want to mention is unfortunately our government hasn’t issued any cash to our, our business owners or small businesses.


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David DiNardo: Small businesses are calling me every day being like Dave what’s happening with the application process. The news has said this, all these new changes are coming up. So as our profession accountants, we really have to be up to date with the news and make sure we are


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David DiNardo: Where the knowledge needed. We’re the knowledge leaders and we have the content to back up all the new changes that happened with the government.


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David DiNardo: So I’m going to talk about a few changes. Number one is those wage subsidy. So, it passed on Saturday that through the Senate that


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David DiNardo: Anyone that’s eligible for 75% of salaries subsidy are able to apply through your CRA account. It’s not an initialized yet, but it should be initialized shortly.


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David DiNardo: And the criteria for that is if your payroll. If your revenue in March 2020 is 15% lower than March 2019 you’re able to claim 75% of wages during March 2020 so this is substantial for business owners that are still operating and still being able to run their businesses.


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David DiNardo: Hmm, two criteria is our comparison of revenue from March 2019 to march 2020 or from an average of revenue from January and February in 2022 march 2020


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David DiNardo: So if you take an average of let’s say your revenues in January was 100,000 and your revenues in February were 120,000 the average of that is 110


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David DiNardo: If your revenue is 15% lower in March, you’re able to qualify. If your revenues are 30% lower in April, you qualify. And if your revenues are 30% lower and in May you qualify


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David DiNardo: So again, the application process is still not here. However, you will be able to apply through your CRA business account and they’re saying that now they will be reimbursed. The government will reimburse you the salaries, not months but in weeks.


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David DiNardo: So that was a big change that happened this week.


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David DiNardo: Another big change is this $40,000 loan. So originally the only criteria was that if your salaries in 2019 were between 50,000 and a million dollars you were able to qualify


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David DiNardo: Now, what they did is they reduced it to if your salaries were $20,000 and they increase it to 1.5 million you’re able to receive a $40,000 loan interest free loan for two years from the government.


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David DiNardo: If it’s paid if 75% of it’s paid off by December 31st, there’s going to be a $10,000 exemption of


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David DiNardo: Of the loan. So you would receive that $10,000 as essentially a grant in order to apply for that you can go to any year major banks. I’m with RBC


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David DiNardo: There’s a, there’s a banner at the bottom that says apply you literally click the button, they asked you two main questions what your payroll number is and what your total payroll for 2019 is you click send, and then the application process takes five business days.


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Ashley Ryan: Awesome. And then just making sure everybody’s up to date on their taxes. Right.


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David DiNardo: So that’s a great question. So there’s also other grants out there for personal taxes, but we won’t get into that today, we’ll just talk about the business returns


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David DiNardo: Business subsidies but the one other thing from a personal perspective is the Canadian emergency response benefit the Serb that relates to business owners as well. Personal there was changes yesterday about


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David DiNardo: The criteria was if you receive no income because of the covert virus virus, you’re able to be eligible for $2,000 every four weeks.


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David DiNardo: But now, they’ve opened up to part time workers or anyone that has been affected by coven 19 will be able to apply in order to apply for that one. You just go to your CRA personal account. Make sure your taxes are up to date. Make sure you have direct deposit information there.


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David DiNardo: There’s two or three questions that you fill out and you would get the the $2,000 in three business days. So it’s pretty efficient.


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Ashley Ryan: Awesome. Awesome. Okay. Is there anything else you want to add, David.


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David DiNardo: Those are the three major things that are coming up. We’re going to keep you up to date on everything. And actually, maybe you can show them our website.


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Ashley Ryan: Yeah. So, how we can help support you during this time as if you go to our website we’re giving you regular real time updates that are not rocket science. So we really break everything down for you so you clearly understand what’s going on.


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Ashley Ryan: We also offer free consultations for your business. And we do do online personal tax filing. So if you go to involve.ca. There’s our team will be filing your taxes for you. Again, you can get updates or


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Ashley Ryan: You can also get a free consultation and here’s our contact info here.


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Ashley Ryan: And we really encourage you if you’re with a firm that is using outdated practices or a lot of paper stuff. This is kind of where we’re moving into the future. So you’ll definitely want to at least scope us out and see if if our work resonates

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