hello everybody, please hold on a few minutes with everyone rolling in
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Positive Community Peer Support - Small Business BC Award Finalist Businesses will be speaking tomorrow for our 11AM Digital Meetup!
CEBA Requirements and Elligibility: https://smallbusinessbc.ca/article/canada-emergency-business-account-loan-program-opens-for-applications/
question: how quickly will the interest free loan be available for credit union customers and will there be restrictions on how this money can be used by business owners?
my credit union won’t have the application for at least 1 week. big banks already have the application sent out.
* big banks have the applications but nothing has been processed. A question I was going to ask about that was what are the changes that small business that have low cash flow will be able to get this loan. I know cash flow did not qualify our small business for a credit card/loan even before COVID
Our payroll exceeded $1.0M in 2019. So, not eligible?
That's correct Michael: "Demonstrate they paid between $50,000 and $1 million in total payroll in 2019"
credit unions are on the phone right now and the banks are just online, from what we heard
What about new business that start late in 2019 and doesn't have 50,000 payroll in 2019? Are they not eligible to get the loan?
I don't have microphone
I have a question about the payroll subsidy for 75% when does the application or how is the application process work for that? Are we excepted to be paying our employee's even if they are currently not working? That is a lot of payroll taxes being accumulated for no income coming in or minimal income
But for the CERB , if you name any income you can't get it, but it changed to $1000 but it still doesn't make a difference, there are many people on the boarder line and some are afraid to apply
I’m wondering why people who haven’t worked (On EI) are getting extra money that they don’t have to pay back! and us who have a business and are struggling are getting money via loans but have to pay it back! does that make sense? I have a retail store and just eligible for the CERB.
I totally agree with Mary..
I used to make $2k a month for my self employed but now make $0, also have a part time job which I make $1,800 a month. Meaning those on CERB make more than me now, plus they will get the $1k from BC Govt. I agree with Linda. (no mic)
do you have recommendations for newly entrepreneurs for financial advice during this time?
Maybe this will help: https://news.gov.bc.ca/releases/2020MAH0050-000669
Thanks for the panel Mark
Thanks for all the info!
Thank you all at SBBC!