Practical proposed ways to help small businesses who have seen their revenues collapse as a result of COVID-19. Many are days away from permanently closing or declaring bankruptcy and laying off millions of employees.
The government has promised wage subsidy would cover 75% of salaries up to $847/employee per week for businesses whose revenue has dropped 30% or more. Under the current plan, employers will need to wait as long as 6 weeks to even apply for the wage subsidy and then will face a further delay before they get the cash. Small businesses with urgent bill payments can’t afford to wait for weeks, they need help now.
I am supportive of these initiatives:
- Give small businesses back the GST they remitted to the government in the last year so that they have the cash to pay their employees until the wage subsidy arrives.
- Immediately set up the Canada Emergency Business Accounts so that small businesses have access to up to $40,000 in interest-free loans.
- Allow businesses to demonstrate their 30% revenue loss using other metrics such as loss of earnings, subscriptions, and orders.
- Temporarily allow owner-operators to become wage-earning employees instead of dividend recipients so that they qualify for the wage subsidy.
Do you support these ideas?
It would be good to hear from you as we walk together during this Global Pandemic. I am concerned that thousands of small businesses employing millions of workers won't survive.
In the past few weeks I have heard from countless small business owners who are scared and anxious about their livelihoods. The solutions we are proposing are immediate, necessary, and will save many businesses from closing their doors permanently.
What do you think?
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