Tuesday, 31 March 2020 15:17

COVID-19 Links to Information

Sail Nova Scotia recognizes that during these trying times accessing information can be challenging and difficult to find. On this page we will post links to important information for sailing clubs, sailing instructors and sailors in Nova Scotia.

If you would like to see something added to this page, please send a note to [email protected]

Sail Canada Information

Province of Nova Scotia

Sport Nova Scotia

Government of Canada Resources

The Government of Canada recently announced three emergency funding programs that yacht clubs may be interested in. Thanks to Boating Atlantic for compiling the following information.

FEDERAL BUSINESS AID 
Canada Emergency Wage Subsidy  
The federal government has released the details of the new Canada Emergency Wage Subsidy, which would cover 75% of the first $58,700 normally earned by employees (up to a maximum benefit of $847 per week). Below are the key details for your business:
  • Eligible employers include individuals, taxable corporations (including non-resident corporations operating in Canada), and partnerships consisting of eligible employers as well as non‑profit organizations and registered charities. 
  • To claim the benefit, employers will need to show at least a 30% drop in gross revenues in March, April, or May compared to the same month in 2019 — see table below:
Wage Subsidy — Eligibility Periods

Period 1     March 15–April 11
March 2020 over March 2019

Period 2  April 12–May 9
April 2020 over April 2019

Period 3 May 10–June 6
May 2020 over May 2019

  • The 75% subsidy will be based entirely on the salary or wages actually paid to employees. All employers will have to attest that they’ve done all they can to cover the remaining 25% and top employees up to their full pay.
  • Note that the Wage Subsidy and Canadian Emergency Response Benefit (CERB) cannot be claimed at the same time, to avoid ‘double-dipping’. Please keep this in mind when furloughing any employees.
  • Employers will be able to apply for the wage subsidy through the Canada Revenue Agency (CRA) online portal in the coming weeks. The finance minister indicated that funds will start to flow in approximately 6 weeks. If you haven’t already, please set up your CRA My Business Account online today to ensure you receive the benefit payment faster.  https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html
Please see the full Finance Canada backgrounder at   https://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html  
 
 
Canada Emergency Response Benefit (CERB)  
If you stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support.
The CERB provides $500 a week for up to 16 weeks.
Eligibility
The benefit will be available to workers:
  • Residing in Canada, who are at least 15 years old;
  • Who have stopped working because of COVID-19 and have not voluntarily quit their job;
  • Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
  • Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment income.
  • The Benefit is only available to individuals who stopped work as a result of reasons related to COVID-19.
Find out more at https://www.canada.ca/en/services/benefits/ei/cerb-application.html
 

$40k interest-free loan for small businesses: please contact your commercial bank to find out how to apply
The new Canada Emergency Business Account will provide interest-free loans through financial institutions of up to $40,000 guaranteed by the government to eligible small- and medium-sized enterprises (SMEs). To qualify, businesses will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).