HR with Dana Gidge
As a result of COVID-19 there has been some changes to the Employment Standards Act in regard to rules for employee eligibility for what is now know as the “Infections Disease Emergency leave”, as well as temporary layoffs and constructive dismissals.
Stage 3 Re-opening
As of July 17th, the majority of the Province of Ontario moved into Stage 3 of re-opening. Business are encouraged to review their re-opening plan and revise any necessary procedures. Be sure to assess how employees work may be adjusted or affected and be sure to keep health and safety at the forefront of your priorities. Consider the risks and steps to be taken to keep everyone safe.
Showing your team you care
With employees reentering the workplace it is important to keep your team well informed about the changes and expectations of their new work environment. It is also helpful to reach out to your team and ask them about their personal needs and to spend time listening to their concerns. Make sure they feel supported with regular check ins, social supports and acknowledging their emotions during this process.
See the Webinar recording here:
Cash Flows & Subsidies with Peter Niemeier
Tax Filing Extensions
Due to the global pandemic the Government of Canada has extended the deadlines for most tax filings. This includes Corporations and personal tax filings (now moved to September 1st, 2020).
There have been some recent changes to the Canada Emergency Response Benefit (CERB). The most significant change is that this benefit is now taxable, and the eligibility has been extended to up to 24 weeks. The eligibility now requires individuals to have had employment of at least $5,000 in 2019 or in the 12 months prior to their application for CERB.
The criteria for the Canada Emergency Business Account (CEBA) Loan has also changed. The load has been expanded to include small businesses that did not have payroll and sole proprietors that receive business income directly.
Other changes we anticipate will be to the wage subsidy. At this point it is a proposed expansion but what we expect to see is new qualification periods (6 in total), as well as new criteria for employers.
The Canada Emergency Commercial Rent Assistance (CECRA) is available to businesses that require assistance with their building’s rental costs. This agreement is organized between the Government of Canada, the business and the landlord or building owner. For those interested, the deadline has been extended to August 31, 2020 for new applicants or September 14, 2020 for repeat applicants.
One of the Government working partners “The Business Development Bank of Canada (BDC)” is currently working with some banks to assist with small business loans. The criteria to qualify varies and may be an option for some smaller businesses looking for assistance.
Cash Flow Management Techniques
When it comes to cash flow management, be sure you understand both your current and future financial positions from the beginning. Some helpful tools include compiling a detailed cost analysis, carefully managing your accounts receivable and collection as well as accounts payable and payments. It is also vital to manage your inventory effectively. In addition to these basic points of managing your cash flow in times like these it is a good idea to do some research into your business interruption insurance as well as any government programs and subsidies that may be available to you. Investing in a plan to manage your cash flow ahead of time can ensure your business not only survives times of economic downturn but can also thrive in them.
See the Webinar recording here: