470 replies to this topic

[Redd42]

Yes, that is often the hope - that a long time staffer would buy the business. But those folks usually don't have the means.

 

The business next to me tried that at first, with a long term employee paying over time. Eventually they did find an outside buyer. That buyer may now be out of luck now. The current owner told us he laid off all his employees and will be pleading with the landlord for a deal on his rent April 1.

 

Think I remember Munro kind of gave his business to his staff. I know it is more complicated than that. 

[Greg]

Oh man, would the candy shop in the conference centre fall under this? They announced they would be closing and not re-opening just as the provincial orders started to come in.

 

Are we sure they didn't just move? Is this the same place or a different place (Government near Broughton):

 

[Victoria Watcher]

Think I remember Munro kind of gave his business to his staff. I know it is more complicated than that. 

 

he did but he kept possession of the building and collects rent.  or did until this month.

Edited by Victoria Watcher, 29 March 2020 - 01:24 PM.

[Redd42]

Ah yes, that is the ideal. Owning the building. If knew then what I know now...of course never planned on being in business.

 

That is why Larsen Music just suddenly liquidated and closed - he owned the building. That is where the value was in the end. He did make a half hearted attempt to sell the business though.

[Victoria Watcher]

Are we sure they didn't just move? Is this the same place or a different place (Government near Broughton):

 

 

 

different place.

[Victoria Watcher]

trump says he'll increase tax deductibility for businesses lunches/dinners etc. to help usa restaurants.

[Victoria Watcher]

CBC:

The federal government will release details today on its 75 per cent wage subsidy and guaranteed loan programs to support small and medium-sized business through the COVID-19 crisis as a crucial week begins in the fight against the virus.

[Mike K.]

One of the big issues with restaurants going to take-out is the margins are tiny. Throw in the rest of the fees for delivery and you’re just barely making it all make sense. The 75% wage subsidy will lead to more local restaurants opening in the coming days to offer take-out.

[spanky123]

One of the big issues with restaurants going to take-out is the margins are tiny. Throw in the rest of the fees for delivery and you’re just barely making it all make sense. The 75% wage subsidy will lead to more local restaurants opening in the coming days to offer take-out.

 

Except that employees are not going to want to come back since they can make $2,000 a month tax free on the CERB, another $1,000 from BC and $500 towards their rent. Unless a restaurant is going to offer full time hours at a premium wage then they can't compete.

Edited by spanky123, 30 March 2020 - 08:03 AM.

[spanky123]

CBC:

The federal government will release details today on its 75 per cent wage subsidy and guaranteed loan programs to support small and medium-sized business through the COVID-19 crisis as a crucial week begins in the fight against the virus.

 

Will release more details but it will be another week until this is ironed out.

[Redd42]

another $1,000 from BC 

 

Don't remember hearing about that one?

[spanky123]

Don't remember hearing about that one?

B.C. Emergency Benefit for Workers

The B.C. Emergency Benefit for Workers will provide a one-time $1,000 payment to people who lost income because of COVID-19.

• B.C. residents who receive federal Employment Insurance, or the new federal Canada Emergency Response Benefit are eligible
• Applications for the one-time payment will open soon

[spanky123]

Don't remember hearing about that one?

 

There are so many funds and programs right now that without too much effort you can make more money not working than you can working.

[Bernard]

It is much more important to get payments to the people who lost their jobs than anything else.   Putting the money in their hands means it will circulate in the economy.   There is no faster way to ensure the money is available to business.  

[Victoria Watcher]

Businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program, Prime Minister Justin Trudeau announced today.

 

During the daily media briefing outside his residence at Rideau Cottage, Trudeau said the number of people a business employs will not determine its eligibility. Charities and companies big and small will qualify, he said.

 

For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week. The prime minister also encouraged businesses to top up their employees wages with the remaining 25 per cent of their salaries.

 

https://www.cbc.ca/n...ports-1.5514558

Edited by Victoria Watcher, 30 March 2020 - 09:08 AM.

[spanky123]

 

Businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program, Prime Minister Justin Trudeau announced today.

 

During the daily media briefing outside his residence at Rideau Cottage, Trudeau said the number of people a business employs will not determine its eligibility. Charities and companies big and small will qualify, he said.

 

For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week. The prime minister also encouraged businesses to top up their employees wages with the remaining 25 per cent of their salaries.

 

 

Trudeau also said that the program must operate on a basis of good faith and trust — and warned that there will be "serious consequences" for those who abuse it.

"We are trusting you to do the right thing," he said. "If you have the means to pay the remaining 25 per cent that is not covered by the subsidy, do it.

"And if you think this is a system you can game or take advantage of, don't."

Edited by spanky123, 30 March 2020 - 09:23 AM.

[spanky123]

 

For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week. The prime minister also encouraged businesses to top up their employees wages with the remaining 25 per cent of their salaries.

 

 

 

To me this just again shows how poorly this is thought through. If the subsidy is for 75% of an employees wages, doesn't that imply that the employer is already topping up the salary? If the employer cuts the employees pay to 75% then they would get a rebate of 75% of the 75%.

 

The exception would be if the method of making a claim has changed (ie no longer a payroll rebate) and employers are just being asked to provide a pre-crisis salary and then the Government cuts them a cheque for 75%. 

[Mike K.]

Does the government want businesses with the “means” today to drain their accounts before they don’t have the “means?” Seems like the reasonable thing to do would be to tap into the funding while ensuring the business can weather a lengthier slowdown.

[Victoria Watcher]

The COVID-19 outbreak has forced Victoria-based foreign exchange firm EncoreFX to seek creditor protection.

The company, founded by Peter Gustavson and Paul Lennox, suspended its trading activities Monday and put itself under the administration of Ernst & Young as it faced a growing number of customers and companies defaulting on credit vehicles.

https://www.timescol...tion-1.24109031

Edited by Victoria Watcher, 30 March 2020 - 01:43 PM.

[spanky123]

The COVID-19 outbreak has forced Victoria-based foreign exchange firm EncoreFX to seek creditor protection.

The company, founded by Peter Gustavson and Paul Lennox, suspended its trading activities Monday and put itself under the administration of Ernst & Young as it faced a growing number of customers and companies defaulting on credit vehicles.

https://www.timescol...tion-1.24109031

 

That is a very big surprise. I guess the wild swings in currency in the past few weeks left them in the lurch.