3 days ago
- Companies must have revenue decrease by at least 30%
- No employee size limit
- Applies to non-profit / charity – big and small companies
- 75% paid on the first $58,700 of salary (max $847/week)
- Backdated to March 15. ... See MoreSee Less
Just to be clear, does this mean that startups that don't have any revenue but have employees can't benefit?
Cc Carl Mercier
Colour me impressed
"75% paid on the first $58,700 of salary" is not 75%. That was pretty misleading IMHO.
Is there a link with more info on this?
There were minimal details from today's announcement. The minister of finance will be giving out more information tomorrow. The biggest question is how will the 30% decline be defined? Based on a 6 or 12 month rolling average period makes sense but let's see what they come out with.
We are a US Delaware-C that owns a Canadian sub. Payroll split evenly between the two entities, but revenue only really touches the Delaware-C. Curious how this will be handled for us.
I wonder if there are going to be specific provisions for companies that are considered essential right now. I run a food preparation/delivery company. We certainly have not seen a 30% revenue decrease and I am very grateful for that. However, Our supply costs are skyrocketing and we have incurred additional expenses primarily regarding sanitization costs associated with covid 19. We are also having a very hard time keeping our part-time employees right now. The incentive to stay home and receive EI/CERB is high and unless we can afford to increase their pay, we might lose them to the allure of not having to work and still getting paid. I'm aware that the specifics of EI/CERB eligibility are still being ironed out but it kind of seems like there's going to be opportunities for abuse. With a 75% wage subsidy it would have been very helpful to increase our employees' wages, and hire new people that were recently let go. I'm very curious to see how this is affecting some of the larger grocery chains.
6 hours ago
Folks w a Canadian parent and a US subsidiary: have you looked into the US subsidies on offer? Do you qualify for any? ... See MoreSee Less
No, dont meet payroll requirements
1 day ago
Rent & cashflow go hand in hand - we received a rather terse response from on of Toronto's largest landlords for startups. Has anyone had a positive interaction yet with respect to their landlords? Allied, Oxford et al?
We're now all working from home so operating costs are down and at the bare minimum one would assume their now accruing even more revenue/profit per sq foot.
Am I the only one who things they should be a part of the solution? ... See MoreSee Less
Hey Alex De Bold, similar experience with our landlords and from other startup founders I've been speaking to. It feels awful, as we're literally not using the space we're paying for. And it does have real ramifications for many businesses. At the same time, I do empathize with where they're coming from - as they're also not getting much of a break. Hopefully, this will change in the near future. Just as many of us have lost revenue - considering that space is their only source of revenue - it's a tough situation for everyone.
Everyone has bills to pay regardless of size. But the major players certainly have a longer leash. That said a free market doesn’t have to do something for the betterment of their customers well being even if it’s the right thing to do.
Our landlord is a small business that offered minor assistance (pay part of April's rent in may, june - but may, june would be fully due on time). They said they had received no concession for the company they mortgage from, and therefore they had to collect rent. Kinda sad, but they're the middleman / messenger in this situation. We have a great relationship with them so I believe they're being honest and just unfortunately have their hands tied by the mortgage.
I think they’re just hurting themselves. This whole situation is showing that many companies can succeed fully remotely, so that major monthly expense is starting to look less necessary...
Monica Krasny-Abramov clearly a common theme.
I know there are a number of commercial real estate agents on this forum but I will give this my best crack in the hope it provides some context and if you are having those calls or discussions with your landlord that you may be in a better position to answer the questions they’ll have for you. 1. Regarding landlords positions, they’re all structured differently (REITs, Pension Funds, Private, multiple ownership groups), and in many instances they’ll be carrying their own debt/mortgage on the asset and will have to be having difficult conversations with their lenders/shareholders/pension fund managers when these requests come in. There is no one solution it will all be treated on a case by case basis and every landlord is different. 2. If you are having conversations with you landlord and you’ve already evaluated your legal position and insurance coverage, IF THE LANDLORD will even consider a deferral or working with you to help out the next step for anyone to consider your position will be your ability to prove you are the most “in need”. Be prepared to share recent financial statements, summary of actions you are taking with your lenders, investors, other stakeholders, proof that you have exhausted all other means and government subsidies available to you, financial outlays (lay-offs?), executive comp reduction, status of credit lines, etc. Being as detailed as possible will help support any conversation you’re having and could help the landlords reception to your request. I have not heard of one major landlord in downtown toronto who has provided outright abatement for an OFFICE tenant. They “MAY” consider deferral requests on a case by case basis but no guarantee. There is some mixed messaging out there, speak to your lawyers, understand the other side, if you have an office broker speak to them and you’ll have a more constructive discussion with you landlord.
Or maybe they are starting down the barrel of the end of their market and they are trying to wring out the last few drops.
We are with Regus and yesterday I sent one of the saddest emails in my career. It was a heartfelt human to human message. In summary, over the past 3 weeks they’ve offered zero solutions and I’ve tried to connect with multiple levels and multiple PEOPLE of their operations. In general, the message I gave them is that this pandemic is giving companies the opportunity to show their true values and morals and it’s very evident they are operating a cash cow. The gov and banks have taken down their red tape so that they can take down theirs and support startups like us. My overarching messages to them is we are all human and now more than ever, businesses need to treat their customers as real people. My biggest business regret is that I wished we moved into a co-working space that is locally operated so that we can support real people who have real values. If corporations continue to act like this, we are going to see a MASSIVE shift for businesses to support local so that we can all be held accountable, work together and support each other through the good bad and the ugly. Give this pandemic and this type of behaviour, it leads me to believe we are in era of the death of massive corporations. And that’s okay, we need to detox the business world and this pandemic might be the change we all needed. Perhaps there is a silver lining. Stick together, we’ll get through this and we’ll know who are real partners are. 💚
This is just my personal take on this, but for what it is worth... Nobody is signing a commercial lease in Toronto anytime in the near future. Even when we get back to normal, most businesses will want to monitor the recovery before making any commitment. If your business has not been affected by COVID-19 you should not be taking advantage of your landlord, but if you are not able to both stay in business and pay full rent then speak to your landlord and find something that works for both of you. If your landlord is playing hardball, remember they have zero leverage at the moment. If they evict you, what are the chances of them replacing you at an equal rate anytime soon? I am in a co working space that is owned by Toronto locals and they have been great. If anyone is looking to move to a space with a great landlord when this is done then DM me.
1 day ago
I've spent the last two weeks procuring PPE (N95/KN95 medical grade masks) for the local hospitals as a donation. Through that, I've learned that most hospitals (and provinces) don't have a supply chain setup to China, which is pretty much where supply is right now.
If you know of anyone that is trying to do that and running into issues, I'd be happy to share all the information I have (from sources, to quality, to import/export). I'm also working with a local hospital to get some of these QA'd/verified. I'm ONLY helping out hospitals and frontline health care workers right now, because securing manufacturing capacity is becoming increasingly difficult. ... See MoreSee Less
Working at a hospital and hearing from other hospitals, the concern is quality. Will be different from hospital to hospital.
Let's talk, check pm! We're tracking suppliers and producers here: WWW.Projectnorthernlights.ca, you can sigh up there to jump on the network!
I’d like to put you in touch with Sinai and Sick Kids. Please pm me your contact details.
Jonas Brandon ...
This is amazing work! I have a close friend who is a physician and so I'm seeing this PPE disaster up front. I want to do something similar to what you're doing in Canada, but here in California. I ordered a few masks from China, still waiting to receive them. Can you message me the details?
Www.thehomefront.ca Jen Couldrey
BC just launched this supplier hub for this reason www2.gov.bc.ca/gov/content/safety/emergency-preparedness-response-recovery/covid-19-provincial-su...
Wilkins Chung Landon Gardner et al we've been working hard on same, close to getting a massive shipment out but lots of hoops, let's discuss + collaborate (cc Tim Peters and Amber Chen)
Would you want these at all? Entirely local and Rich and his team are great to work with
I would love to chat! Have also been at this every evening for the past couple of weeks.
I'm getting these samples this week/early next week for a retail buyer. I only need about 5% of these and I'll be donating the rest. If anyone else needs help with sourcing, let me know. I have been working with a medical equipment manufacturer from India on these, but unfortunately India has shut down exports. We have now identified and sourcing from China (which has also changed some rules as of today).
Wilkins Chung Jonas Brandon Joanna Griffiths Thank you guys. My husband is on the front line and we have a newborn at home. I can help connect to Sick Kids, St Mikes or Humber if needed. Otherwise will go back to asking people to donate and telling regular people on the street they’re wasting N95s they don’t need
Wondering the same Wilkins Chung some questions for you: - Are Canadian hospitals accepting KN95 masks or only N95? I've found ample supply of KN95. - Have you tried ordering off Alibaba yet? Are deliveries actually going out and being received in a reasonable time from China?
1 day ago
Hello Everyone! Is there out there who have been able to negotiate any rental waivers or discounts, if you are at WeWork or Regus? We have offices with both of them in different cities, so wondering what could work. Thanks! ... See MoreSee Less
Monica Krasny-Abramov could probably help!
News today said WeWork is offering up to 50% discounts for tenants willing to sign longer term commitments during these times.
We are with Regus. I am exploring as well. Keep us posted if you figure out something.
We are also with Regus and I received an email at the end of last week saying there would be options for us at the beginning of this week... still haven’t heard anything but if/when I do, I’ll let you know.
Spaces/Regus is also doing a 50% off discount that they recoup either with a 3-month lease extension or paying the difference over the span of 12 months.
Thanks guys, I will keep you posted on how our conversation goes since I’m doing this in 5 different countries, so will be interesting to see how each one is handling this situation.
WeWork gave us a free month of May so far. We are month-to-month though with no commitment.
1 day ago
Do you have any suggestion for a good ERP software for a startup company? The company is in the beauty & personal care manufacturing sectors. We produce products such as skincare, makeup, and deodorant.
The software I'm looking for can help us keep on track on inventories, POs, invoices, and customer's information.
Thanks! ... See MoreSee Less
Try www.odoo.com/ If you require any help setting it up for your business let me know.
Netsuite is a cloud ERP leader and have a solution for the health & beauty space - www.netsuite.com/portal/industries/beauty.shtml PM me if you would like to know more.
you can try ParagonERP, we are using it
My advice : when you buy an ERP, think about your company future, not only the current status... look for something that is flexible and will be able to adjust or have some add ons if something changes.
Just try as many as you can, there are a lot of flavors of ERP. I’ve seen a lot of job shops go through dozens of them trying to find the right one. Especially if you’re not looking to spend on an implementation.
Thanks for everyone’s advice! I’ll going to try several of them before I decide!
1 day ago
With great enthusiasm, we at the C100 are proud to share our 48Hrs in the Valley 2020 Cohort. These are the 26 early-stage Canadian-led startups that will join us in October in San Francisco to take part in our flagship program focused on mentorship, thought-partnership, and venture guidance. Please join us in congratulating the outstanding founders behind these companies. Let's all rally together in these turbulent times and support great Canadian entrepreneurs. ... See MoreSee Less
If any of these companies are interested in creative workflows, I’m absolutely happy to help in my role at Adobe. And by chance if there’s anyone in the 3d/vr space, definitely reach out.
2 days ago
Any recommendations on the best brand agencies or consultants? Our startup is looking to re-brand and can't think of a better time to do it.
We're a B2B2C company building a platform for on-site employee perks/benefits. ... See MoreSee Less
My company www.theideaintegration.com
Hey David Howe , my team and I at Long Story Short would love to assist with the project ahead - I’ll send you a DM to discuss further. www.longstoryshortco.com
I’d be delighted to chat. My boutique agency is Stack Creative (stackcreative.co/)
Check out Renga! Happy to introduce you to the guys there www.renga.co/
Stuart Thursby at Stack Creative is well-versed in rebranding projects with start ups! He produces quality work while being nimble! If you’re looking for a larger agency, I’d also highly recommend The Garden Collective. I worked alongside Shari & Shane (cofounders) for several years — they are the best in the brand/ad biz.
Joel at Sovereign State - does great work with our startups at Social Ventures Zone at Ryerson University
Check out Hollie Hoadley from Creative Solutions for sure!
Kleurvision Inc. can help. Strong supporters of startups. We’re a supporting partner of York Angel Investors, Angel Investors Ontario, and NACO.
Ali Sifton and her team would be perfect!
David, we would love to be considered for your rebrand. www.CAVEAstudio.com
Look into www.arqdesign.studio. They’re great at branding.
I love The And Game theandgame.ca and Cory Ingwersen coryingwersen.com
If you’re looking for a boutique agency - www.wearesophomore.com
Katerina Lyadova and Oddbee Inc.
Some great companies named here. I'd also suggest Jay Dingwall and the team at Famous Folks. They're great to work with and feels like a nice fit for your biz. www.famousfolks.ca
Our team at www.youxventures.com can help 👍🏻
Richard Carmichael of Just be Frank
Hey David Howe I run a branding studio based in Toronto with a writer and photographer. Our bread and butter is branding and have worked with clients such as The Drake Hotel, George C, and Sebastien Centner. We would love to chat with you more about your project! You can find our work on our website or instagram: fookcommunications.com and @fookcomm
Thanks Sharon, hi there. 25 years. Seasoned. Customer Centric. Design savvy. Business Intelligence. Results driven. Www.justbefrank.com
Definitely Saul Colt.
1 day ago
Looks like the 75% wage subsidy is based on YoY revenue declining 30% - seems like a total failure for startups.