For small business owners across the country the future is becoming more desperate as restrictions related to COVID-19 continue to wipe out lifetimes of dreams, sacrifice and savings. "Never have small businesses needed to be more agile, focused, and resilient than they do today," said Steve Ibbotson, President and CEO of FBC Canada. "They also need to do everything they can to hold on to their employees which is why we recently launched Canada Emergency Wage Subsidy and Temporary Wage Subsidy programs are so crucial in providing an immediate injection of cash."
Helping small businesses hold on to employees was the primary motive for developing the Wage Subsidy calculator. The application process and calculations for Canada's two wage subsidy programs is complex, coupled with the severe consequences of providing a false claim makes it important you get it right. "Some business owners might think it's easier to just layoff staff rather than go through the calculations and application process," said Ibbotson. "At some point this is all going to be over. The businesses that ramp up their operations the fastest will have a distinct advantage. You don't want to be scrambling to find employees in that environment so now is the time to do what you can to keep them."
According to Ibbotson, the calculator is easy to use, versatile and efficient. Business owners only need to enter the data once to determine the amounts to claim for either program. "That way business owners are empowered to make the right decision for their business and take action to hold on to their employees"
It's that feeling of empowerment that will be critical to small business owners over the next several months. "So much of what has happened has been beyond their control," explained Ibbotson. "We set out to give them a tool that helps, in some small way, to restore that sense of control and confidence."
The free calculator is available on FBC's COVID-19 resource centre, which provides Canada's farmers and small business owners with up-to-date information on government programs, along with advice and insights on how to sustain their operations in a crisis.
Source: FBC