The following is the information released today related to COVID-19.
Canada COVID-19 Modelling
Federal projections released by Health Canada today detail the overall best- and worst-case scenarios for the pandemic’s spread and impact in Canada, varying on the degree of actions taken by governments and Canadians.
The scenarios indicate that, depending on the containment efforts, between 11,000 and 300,000 people in Canada could die from COVID-19 over the course of the pandemic. The current reality of the virus has Canada closer to the lower end of that spectrum. With strong health measures in place, 22,000 could die from COVID-19 and if no control measures are in place it could go over 300,000. In the short term, they anticipate 500 to 700 deaths by the end of next week.
Under all scenarios, the peak appears to be coming sometime between late spring and early summer. In the absence of a treatment or vaccine, the fight against COVID-19 will likely require waves of epidemic controls spanning months. All scenarios are dependent on how Canadians behave to keep the respiratory illness from spreading.
Canada Emergency Business Account
The Canada Emergency Business Account (CEBA) is now available. The application will be directly with your bank that is used for your business banking.
The CEBA is a $40,000 interest-free (until December 31, 2022), government-guaranteed loan to help businesses impacted by COVID-19 with operating costs. $10,000 (25%) of the loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022.
You are eligible to apply if you have a business or not-for-profit organization with:
- An operating company registered in Canada on March 1, 2020
- Annual payroll between $50,000 and $1 million. This will be based on your 2019 Business T4 Summary of Remuneration Paid Slip
To apply you will need:
- Your 2019 Business T4 Summary of Remuneration Paid Slip
- Your banking account information
Be sure to check directly with your own bank for further details on eligibility and enrollment. The application process is available online through your online business banking portal.
For further information, follow the link to your bank below for more information about the CEBA:
The RMTAO has written to the Government today to seek further changes to the CEBA that would include sole proprietors with a small staff and low payroll expenses. We are also seeking inclusion for small business owners who do not take a salary for payment because of how their businesses are set up, who are not eligible for the program in its current state.
We recognize that a large portion of our members do not qualify for the payroll requirements outlined in the current CEBA. We will continue to advocate for our members with all levels of government and other related parties.