{"id":24688,"date":"2020-08-19T11:50:12","date_gmt":"2020-08-19T06:20:12","guid":{"rendered":"https:\/\/www.syscreations.ca\/?p=24688"},"modified":"2020-12-18T07:19:33","modified_gmt":"2020-12-18T07:19:33","slug":"canada-emergency-business-account","status":"publish","type":"post","link":"https:\/\/www.syscreations.ca\/blog\/canada-emergency-business-account\/","title":{"rendered":"Where can you invest Canada Emergency Business Account\u2019s $40,000 to make it $400,000?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400; color: #000000;\">That was the historic move by the Government of Canada.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">On April 9, 2020, the Government of Canada announced a relief program &#8211; Canada Emergency Business Account (CEBA) &#8211; to help small businesses safely navigate the period of shutdown.<\/span><\/p>\n\n<center><blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">The Canada Emergency Business Account helps small businesses gain access to capital during <a href=\"https:\/\/twitter.com\/hashtag\/COVID19?src=hash&amp;ref_src=twsrc%5Etfw\">#COVID19<\/a>. Find out how it can support your Canadian business: <a href=\"https:\/\/t.co\/6ZkQWysDJL\">https:\/\/t.co\/6ZkQWysDJL<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CEBA?src=hash&amp;ref_src=twsrc%5Etfw\">#CEBA<\/a> <a href=\"https:\/\/t.co\/fMm3spCR71\">pic.twitter.com\/fMm3spCR71<\/a><\/p>&mdash; Trade Commissioner (@TCS_SDC) <a href=\"https:\/\/twitter.com\/TCS_SDC\/status\/1292875936153645058?ref_src=twsrc%5Etfw\">August 10, 2020<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/center>\n\n<p><span style=\"color: #000000;\">If eligible, small businesses and not-for-profit companies receive interest-free loans of up to $40,000.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">The major perk is that if borrowers repay the balance of the loan on or before December 31, 2022, they will get loan forgiveness of 25 percent (up to $10,000).<\/span><\/p>\n<h1><span style=\"color: #000000; font-size: x-large;\"><b>Here is the recent news regarding Canada Emergency Business Account eligibility which might affect you<\/b><\/span><\/h1>\n<p><span style=\"color: #000000;\">Before Friday, June 19, 2020, the government was considering owner-operated small businesses lacking payroll ineligible for CEBA.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">However, on June 19, 2020, Minister of Finance &#8211; Bill Morneau &#8211; announced expanded eligibility rules.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">According to expanded eligibility rules, businesses with payroll lower than $20,000 can now also get loans up to $40,000. For that, businesses will need,<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">A business operating account in the financial institution which is part of CEBA (Refer to the following PDF to know partnering financial institutions)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">A Canada Revenue Agency business number<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">A 2018 or 2019 tax return<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Eligible non-deferrable expenses of between $40,000 and $1.5 million<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; color: #000000;\">Just for your information, more than 669,000 loans have been approved since the launch of CEBA.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><b>If you have already received $40,000 loan,<\/b><span style=\"font-weight: 400;\"><\/span><\/span><\/h2>\n<p><span style=\"font-weight: 400; color: #000000;\">Here is the complete investment guide for making it $400,000 by next summer.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Let\u2019s start with a very simple calculation.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">You have received $40,000. If you pay it back before 31st December 2022, you will need to pay only $30,000, saving $10,000.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Meaning, if you invest only $10,000 properly, you will be in a win-win situation in all ways because it&#8217;s a totally \u2018free\u2019 and \u2018risk-free\u2019 amount you are getting.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">So while keeping it on your shoulder to invest $30,000, we will only discuss the ways to invest \u2018free\u2019 and \u2018risk-free\u2019 $10,000.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><b>1. <u>Automate a labour-intensive process<\/u><\/b><\/span><\/h3>\n<p><span style=\"color: #000000;\">First of all, automation does not mean to be applied to large enterprises only. Small enterprises can also deploy automation and derive many financial and operational benefits instantly due to fewer business complexities.<\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Pick any business process which is time-consuming and labour intensive, i.e., invoicing process. Automate it with <\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.syscreations.ca\/robotic-process-automation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">robotic process automation<\/span><\/a><\/span><span style=\"font-weight: 400;\"> (RPA) and replace employees with software bot.<\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><b>What would be the cost and ROI?<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Usually, it costs less than $10,000 to automate a process with a low-medium complexity.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">The ROI would be the salary amount you will save by replacing employees with a software bot.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Indirect financial benefits include increased productivity, fewer errors, and 24\/7 operations.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><b>2. <u>Develop a mobile app<\/u><\/b><\/span><\/h3>\n<p><span style=\"color: #000000;\">You must have installed several apps on your mobile phone to buy products (grocery) or services (taxi) online. Same way, your customers wish to buy your service or products online!<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">A mobile app increases your market footprint, gives you crucial data of your business, helps you quickly expand your business and boost brand recognition.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>What would be the cost and ROI?<\/b><span style=\"font-weight: 400;\"><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The cost of <\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.syscreations.ca\/mobile-app-development\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">mobile app development<\/span><\/a><\/span><span style=\"font-weight: 400;\"> with all important features is only around $10,000.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Talking about ROI, you will be able to increase your sales instantly with a mobile app.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">The precisely developed app will transfer your business into a brand that automatically attracts more customers and makes you experience a high customer retention rate.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><b>3. <u>Make a network uninterrupted<\/u><\/b><span style=\"font-weight: 400;\"><\/span><\/span><\/h3>\n<p><span style=\"color: #000000;\">The network or internet is the most basic requirement of the businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">However, it costs huge when the network experiences downtime. According to Gartner, the average cost of network downtime is around $5,600 per minute.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">To make your network uninterrupted, you need to upgrade it to an enterprise network and install network monitoring tools.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Network monitoring tools enable you to know the status of each networking component and identify &amp; solve the network problems before it gets overbearing.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>What would be the cost and ROI?<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">If you consider the premium networking hardware device from top manufacturers such as Cisco and Ubiquiti, it won\u2019t cost you more than $5000, combined.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Here, the ROI would be the productivity and efficiency your team will achieve while working on an uninterrupted network.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">For example, a team of 10 employees now with high-speed and uninterrupted internet can complete the task in just 20 minutes, 40 minutes faster than in the past.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Meaning, you are saving 400 minutes of manpower per task.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><b>4. <u>Switch to cloud<\/u><\/b><\/span><\/h3>\n<p><span style=\"color: #000000;\">You must be storing a lot of business data either in notebooks or in spreadsheets.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">You also must be struggling a lot to access this data and to share it with your stakeholders easily and securely.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Switching to the cloud can end your endless struggle with data. It gives you a custom and personalized online server for data storage and for many more business-oriented purposes.<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>What would be the cost and ROI?<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Cloud service providers generally charge you a monthly nominal fee. For instance, Microsoft cloud service &#8211; Azure &#8211; starts from just $13 a month.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">As far as the ROI is concerned, switching to cloud service enriches your team productivity and collaboration efforts which directly influence revenue.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">Most importantly, it keeps your data safe &amp; secure and does not make you suffer a financial loss because of data loss.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><b>If you\u2019re planning to apply for CEBA $40,000 loan,<\/b><\/span><\/h2>\n<p><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Here is the <\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.syscreations.ca\/blog\/wp-content\/uploads\/2020\/08\/A-Guide-to-Canada-Emergency-Business-Account-CEBA-PDF.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PDF<\/span><\/a><\/span><span style=\"font-weight: 400;\">, containing<\/span><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Program overview<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Eligibility requirements for CEBA<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Eligible non-deferrable expense categories<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">How to apply for CEBA?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000;\">Partnering financial institutions<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #000000;\"><b>With <\/b><span style=\"color: #0000ff;\"><a style=\"color: #0000ff; font-size: x-large;\" href=\"https:\/\/www.syscreations.ca\/case-studies\/\" target=\"_blank\" rel=\"noopener\"><b>our past experience<\/b><\/a><\/span><b> of helping Canadian businesses, we make your IT investment result-driven.<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400; color: #000000;\">Investing $40,000 in such a way that it will really boost up your business is more important than receiving $40,000 as the loan.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">One proven way to scale up the business and survive many more pandemics is the digitalization of business.<\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The business digitalization<\/span> <span style=\"font-weight: 400;\">practice includes automation, mobile app development, network upgradation and cloud adoption.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">We\u2019re a team of RPA R&amp;D engineers, app developers, network engineers, cloud professionals, security specialists, compliance consultants and business success managers.<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000;\">If you are planning to make investments in IT to transform your business in terms of productivity, efficiency &amp; revenue, we will make your IT investment result-driven and future-proof to keep the total cost of ownership very low.<\/span><\/p>\n\n<center><a href=\"https:\/\/www.syscreations.ca\/contact\/\"><img loading=\"lazy\" class=\"aligncenter wp-image-22926\" src=\"https:\/\/www.syscreations.ca\/blog\/wp-content\/uploads\/2020\/04\/SYS-Meeting-Image.png\" alt=\"Schedule One-on-One- Meeting\" width=\"914\" height=\"321\" srcset=\"https:\/\/www.syscreations.ca\/blog\/wp-content\/uploads\/2020\/04\/SYS-Meeting-Image.png 914w, https:\/\/www.syscreations.ca\/blog\/wp-content\/uploads\/2020\/04\/SYS-Meeting-Image-300x105.png 300w, https:\/\/www.syscreations.ca\/blog\/wp-content\/uploads\/2020\/04\/SYS-Meeting-Image-768x270.png 768w\" sizes=\"(max-width: 914px) 100vw, 914px\" \/><\/a><\/center>\n\n","protected":false},"excerpt":{"rendered":"<p>That was the historic move by the Government of Canada. On April 9, 2020, the Government of Canada announced a relief program &#8211; Canada Emergency Business Account (CEBA) &#8211; to help small businesses safely navigate the period of shutdown. The Canada Emergency Business Account helps small businesses gain access to capital during #COVID19. Find out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24726,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canada Emergency Business Account: $40,000 Investment Guide<\/title>\n<meta name=\"description\" content=\"Small businesses can receive a loan up to $40,000 under Canada Emergency Business Account. 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