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COVID-19: Short Term Funding and Financing - UPDATED - Shared screen with gallery view
Ruby Wang
19:47
hello everybody, please hold on a few minutes with everyone rolling in
Ruby Wang
20:06
Feel free to turn on your webcam if comfortable doing so
Ruby Wang
20:59
sbbc.co/digital-meetup
Ruby Wang
22:34
https://www.firstwestcu.ca/
Ruby Wang
22:57
https://www.futurpreneur.ca/en/
Ruby Wang
25:16
askus@smallbusinessbc.ca
Ruby Wang
25:54
If you have any question, please raise your hand virtually (cursor over your name in the participant column)
Ruby Wang
26:06
If you don't have a mic feel free to send your question or comments here and we can read it for you!
Ruby Wang
32:54
Positive Community Peer Support - Small Business BC Award Finalist Businesses will be speaking tomorrow for our 11AM Digital Meetup!
Ruby Wang
33:35
CEBA Requirements and Elligibility: https://smallbusinessbc.ca/article/canada-emergency-business-account-loan-program-opens-for-applications/
Leah Shaw
33:53
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?
Leah Shaw
35:26
my credit union won’t have the application for at least 1 week. big banks already have the application sent out.
Mary Kleiner
37:05
* 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
Michael Marshall
37:08
Our payroll exceeded $1.0M in 2019. So, not eligible?
Ruby Wang
37:49
That's correct Michael: "Demonstrate they paid between $50,000 and $1 million in total payroll in 2019"
Mary Kleiner
40:51
credit unions are on the phone right now and the banks are just online, from what we heard
Neel Tanna
41:11
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?
Neel Tanna
43:23
I don't have microphone
Neel Tanna
43:25
sorry
Mary Kleiner
44:42
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
Mary Kleiner
49:31
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
Ruby Wang
51:07
https://smallbusinessbc.ca/article/resources-for-small-businesses-affected-by-coronavirus-covid-19/
Linda Uchacz
51:11
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.
Linda Uchacz
52:51
I totally agree with Mary..
Brent Dafoe
01:00:29
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)
Mary Kleiner
01:02:37
do you have recommendations for newly entrepreneurs for financial advice during this time?
jovi lam
01:03:20
https://smallbusinessbc.ca/services/ask-the-expert/
Tanya Droege
01:05:14
Maybe this will help: https://news.gov.bc.ca/releases/2020MAH0050-000669
Ruby Wang
01:08:26
wang.ruby@smallbusinessbc.ca
Mary Kleiner
01:08:28
Thank you.
Francis McGee
01:08:35
Thanks for the panel Mark
Ruby Wang
01:08:40
sbbc.co/digital-meetup
Tanya Droege
01:08:47
Thanks for all the info!
Aleksa Havelaar
01:08:59
Thank you all at SBBC!