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Trudeau also unveiled a new measure to help cash flow — the Canada Emergency Business Account — that will see banks offer $40,000 loans, which will be guaranteed by the government, for qualifying businesses. The loan will be interest-free for the first year and if certain conditions are met, $10,000 of it will be forgivable. This measure is available for non-profits. Here is the text from the government website:
The New Canada Emergency Business AccountWe are launching the new Canada Emergency Business Account – a new loan program, that will be implemented rapidly by eligible financial institutions in cooperation with Export Development Canada (EDC).
This $25 billion program will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 per cent (up to $10,000).
Additional details on accessing this program will be available soon.
Providing small business with wage subsidies (From Canada Revenue Agency Website)
To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on/ their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.
Description of the Business Credit Availability Program (BCAP):
On March 13, 2020, the Government announced the establishment of a Business Credit Availability Program (BCAP) to help Canadian businesses obtain financing during the current period of significant uncertainty. The BCAP will support access to financing for Canadian businesses in all sectors and regions.
Through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide more than $10 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. By working in close cooperation with financial institutions, this program will fill gaps in market access and leverage additional lending by private sector institutions
Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution is able to provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.
Hello dear friends and family,
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3. I'm sure you heard about COVID-19 and wanted to bring a special conversation happening tomorrow to your attention.
I got a number of calls and messages asking me how to be proactive, positive and solution-focused during the "news fest".
So...I don't know what your situation is personally but tomorrow, Monday 16th at 6pm PST/9pm EST on this zoom call
What’s impact of Corona Virus on North American Economy, What’s the solution & Why Melaleuca? ♻
Open conversation with Presidential
Director Jeff Miller, $24 Million earned 23 Years ONE company
All you have to do is hop on the zoom Monday March 16, 2020 here Http://zoom.us/j/590427341
at 6pm pst/9pm est.
P.S : Jeff Miller knows about thriving during recession like 2008 and has unique perspective about the whole situation.
I strongly believe we have to stick together as a collective and grateful this busy business executive is giving his time to share and have this type of open discussion.
I mean, how often you can tap into someone who created generational wealth and help many during times like this ?
You may access another recording at
I hope that you can benefit from everything I have to offer!
Trevor Anthony Lee-Chan 正李陳德正
UBC Alumni 01'-07'
Bsc, Food, Nutrition and Health (Food Science)