But the problem with the wage subsidy is you need to be working for there to be a wage to cover. 95% of our work got pushed out to Q4 or 2021 all together for the time being.
Then i thought maybe because I'm incorporated, i could do the $40k loan, use it for payroll and have the wage subsidy cover 75%, only use as much as i could pay back at a later date hoping there's some work and have the 25% of that forgiven?
i find it all fairly confusing haha.
Edit: and im not trying to rip the system off by any means, just trying to understand how to best direct my guys (and myself) to get what they need to survive until we hopefully pick back up. I have been talking with my accountant and we have some ideas on what we should be doing. just thought i'd see if anyone here had figured it out.
--
Yah, if you pay it off by Jan 2021 i think it is, so this is where it gets confusing haha... Why not borrow that, only use the $10k cover 25% of some payroll (the gov would pay 75% of payroll, as per their subsidy) and then pay it back so you get the $10k for free...? But they also say, that the company must make an effort to pay the 25% of wages, and if they cant it will be forgiven. Stipulations are $50k to $1mil in revenue and they will pay $847 weekly, up to $57k or something.. only until June 6th
It's fucking confusing to me... haha, but i think it's to help direct people away from CERB and EI
https://www.canada.ca/en/department-...e-subsidy.html
https://www.canada.ca/en/department-..._Loan_Programs