March 24 Finance Chat: Cash Flow

We’re bringing the community together through free webinars / Q&A sessions with our team and other experts. Here are the details for how to join: Quaranteam HR and Finance Chats.

Here are the updates from the latest webinar.

2020-March-23 Finance Quaranteam Chat

management consulting services wave lines
management consulting services wave lines

Answers, Resources and Links

Crowd sourced list of active funds, lenders and programs is here: Hockeystick

IRAP has not yet announced plans to release any additional funds.

BDC Loan info:

  • Must have 2 years externally prepared financial statements.
  • Good financial performance/balance sheets etc.   The loan is to support clients who were negatively affected by Covid but financially healthy prior to Covid.
  • Industry not now Cannabis, Bars, Anything to do with Residential complexes/housing, money exchanges etc.
  • Loan purpose is not to pay out other banks or creditors.
  • Minimum commitment with BDC of $100k including the BCAP up to $2 Million. Smaller loans are available but not under the special rates.

Access to the 10% wage subsidy is becoming available through accounting/payroll tools. Wagepoint, Payment Evolution etc. are rolling these out across clients as soon as possible. Look for updates on upcoming webinars.

The Staples vs. Office Depot Story:

HBR Roaring Out of Recession:

Download the slides here:

In downturns, people forget that there will be an upswing and great opportunities.

Janos Toth – Recognaise

Recent news:

CRA tax deferral date shifted to August 31, 2020

CRA offers wage subsidies for businesses that are:

  • Non-profit
  • Registered charities
  • CCPCs with less than 15M taxable capital

BC PST and Employer Health Tax filing and payments extended to September 30, 2020.

BDC and EDC access to business credit.

Small businesses and self employed – you can apply 900$ every 2 weeks for X number of months – true? Nothing concrete, but any dividends you take out will offset the EI you receive.

Deferral – danger is out of sight out of mind. Advice for financial planning for rest of the year so you don’t get caught with those delayed deferral. Go ahead with doing the filing so you know what the amount is. Get the refund if you have one. We would say you’d want to know how bad is bad. If you are doing installments, it WILL add up.

Crisis Planning:

  • Get long term and short term cash forecast.
  • Seek funding, cut expenses.
  • Explore best and worst case scenario.
  • Communicate the plan.
  • This is the first recession where crowdfunding is a big option

Cash planning tools: