In May we wrote an article about the Updated COVID-19 Aid Package for Small Businesses in BC. Since then the virus has slowed in some areas and resurged in others. Since May with businesses reopening, the government of BC has announced its ongoing COVID-19 support for small businesses in BC. This information was last updated Sept 8th, 2020 and is effective moving forward, until other changes are announced.
Employer Health Tax (Payroll Tax)
The new Employer Health Tax final payment due date for the 2019 calendar year has been extended to Sept 30th, 2020. Employers required to make quarterly payments for the 2020 calendar year will be able to defer payments as per the following schedule:
- June 15th 2020 deadline extended to Dec 31, 2020
- Sept 15th 2020 deadline extended to Jan 31, 2021
- Dec 15th 2020 deadline extended to Feb 28th 2021
The planned increase to the provincial carbon tax as been delayed to April 2021.
To avoid layoffs and rehire employees, the federal government is providing a wage subsidy available to employers experiencing a decline in revenue until Dec 19th, 2020. The subsidy amount varies depending on the amount of revenue decline.
Canada Emergency Business Account
The Canada Emergency Business Account (CEBA) application deadline has been extended to October 31st, 2020. This program provides interest-free loans of up to $40,000 for eligible small businesses. The program includes a loan forgiveness of 25% (up to $10,000) if repaid on or before December 31, 2022. Eligibility for CEBA has expanded to allow more small businesses to qualify, including sole-proprietors, businesses the rely on contractors and family owned corporations that pay employees through dividends.
The provincial and federal government have in most cases extended the COVID-19 support for small businesses in BC. However, there are still some key deadlines mentioned above if you need support.
If you want to learn more about programs providing COVID-19 support for small businesses in BC, contact DENT Benefits to speak with one of our small business consultants.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.