Eight months after the COVID-19 shutdowns, many businesses are still struggling to get back to their usual revenues and continue to need a hand up from various government programs to keep their businesses operating and staff employed. When Canwest Accounting professionals meet with business owners who are struggling in today’s economy, we go through with them all the programs that might apply to their circumstances, so they are tapping into every available resource.
A new government program aimed at helping companies is the Small and Medium-Sized Business Recovery Grant in British Columbia. Through the new Business Recovery Grant program, the Province of B.C. will provide grants of $10,000 to $30,000 to eligible small and medium-sized businesses in the province hit hardest by COVID-19 since March. Eligible tourism-related companies may also qualify for an additional $5,000 to $10,000. As a condition of receiving the grant, businesses will be paired with a business professional to help create a business recovery plan or to analyze the business’ current plan. The grant is then earmarked for implementation of this recovery plan, followed by a third-party audit at the end of the program. Details on this Business Recovery Grant are available online.
At Canwest Accounting, owner Sharlane Bailey says businesses should consider what value-added or complementary services they can offer or do already offer and promote these to their customers. It may be a matter of letting more of your clients know you provide specific services that go hand-in-hand with existing services offered. At Canwest Accounting, for example, we provide payroll services, which is an added convenience for businesses, especially when trying to collect benefits through the Canada Emergency Wage Subsidy (CEWS) program, which is expected to continue for many more months. The team at Canwest Accounting help several companies with their payroll filings for CEWS.
“The criteria and calculations for CEWS have changed over time, so it’s important to use the program’s calculator and spreadsheets when calculating this subsidy,” says Sharlane Bailey, owner of Canwest Accounting.
Canwest Accounting can also help businesses apply for the Canada Emergency Business Account (CEBA) loan program, which currently provides loans of up to $40,000 to eligible businesses. The application deadline has been extended to December 31, 2020.
To have the exceptional team at Canwest Accounting save you time and money by answering your questions, doing your bookkeeping, completing and filing forms for subsidy programs, or preparing your tax return, call or email us. Our offices in Victoria and Langford are still closed to the public while we put in place protocols to allow for social distancing, but we have a pickup and drop off service that is very convenient.
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.