Government Help To Start Small Business – Gives you exactly that with a detailed report on what you need to take your small business to the next level. A very critical step if you plan to succeed with your small business.
Scroll down to view your personal startup assessment report and find out what you need to launch in 30 days.
Government Help To Start Small Business
The startup portal is a simple and complete platform for starting your own small business. Developed by entrepreneurs and consultants, it contains the tools and resources you need to develop your idea from a dream into a full-fledged business. Whether you’re brainstorming ideas, ready to register your business, starting to write a business plan or looking for funding; access step-by-step instructions to help you take the next step in starting your small business.
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There are no wrong answers. Take a moment to figure out where you are on the road to starting your own business, and then discover exactly what goals you need to achieve to get there.
You may have an idea for how to start your own business, but we have the tools to help you succeed. Identify your business needs and access personalized resources.
Get an idea, register your business and launch! Simple right? Not really. Make sure you have all the step-by-step instructions that cover ALL the steps from start to launch.
Startup Portal Are you ready to start your own business? Become a member to get full access to the following startup tools:
Small Business Administration
Start your small business today! Discover how Startup Portal can turn your business dreams into reality.
Hear what our customers have to say about using Startup Portal to help them achieve their small business goals.
“Use government grants to hire and hire staff to help. You’re paying towards costs every year so take advantage of the funding available” – read my story
“The first step is to make your business plan. Make sure your plan clearly outlines your funding needs and plan for success. Then apply for funding.” – Read my story
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“Funding is available, but you have to know where to look, you have to have a business plan, and if you have a proven model, that’s your best tool to get funding.” – Read my story
All I can say is, if you need financing, go for it. Be proactive and proactive about it. Don’t just sit there thinking you need it, go and do it
“Knowledge in your field keeps you motivated and having expert guidance doesn’t hurt. We benefited greatly from government funding and it’s all thanks to the company.” – Read my story
“Your business plan is very important to the success of your business. Everyone is looking at it! Be sure to put your idea on paper and show how you will make money.” – Read my story
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A business plan is the key to a successful business and also the key to government funding
START A SMALL BUSINESS IN YOUR PROVINCE Find out how other entrepreneurs in your province have started their own small business.
STARTING A SMALL BUSINESS IN YOUR OWN INDUSTRY Do you have what it takes to be a small business owner in your industry? The program is now available to a larger number of self-employed businesses that receive income directly from their business; businesses that depend on contractors; and family businesses that pay employees dividends rather than payroll.
Costs are controlled and audited by the Government of Canada. Financing is done in cooperation with financial institutions.
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Further details, including the date of submission of applications under the new criteria, will be released in the coming days.
Our government continues to work on solutions to help business owners and entrepreneurs who operate through their personal bank account rather than through a company account or who have not yet filed a tax return, such as start-ups.
The Government of Canada has provided $25 billion to businesses across the country affected by the COVID-19 pandemic through the Business Credit Availability Program (BCAP). As part of the BCAP suite of financial assistance programs for businesses that the Government of Canada is currently rolling out, the following two main streams of emergency business loans will open next week:
Eligible businesses can borrow up to $40,000 through the CEBA mechanism. A CEBA is a federally funded revolving line of credit made available to any eligible business in the network. The CEBA online application portal(s) are expected to be operational next week. Publications from all banks are expected when the CEBA portal(s) open for submission of applications.
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Eligibility: CEBA funds are available to businesses that paid between $20,000 and $1,500,000 per year in payroll in 2019. More details to follow.
CEBA funds are available to businesses that paid between $50,000 and $1,000,000 per year in payroll in 2019. According to information publicly available at this time, the purpose of the funds is to cover deferred costs such as payroll, rent, insurance and utilities.
Revolving Loan, then 5-Year Loan: The CEBA is a federally funded revolving line of credit through December 31, 2020. At the end of this calendar year, it will convert to a 5-year term loan due in 2025.
Interest-free period, then 5% Interest: No interest is paid in 2020, 2021 or 2022. Interest will be paid monthly at an annual rate of 5% starting January 1, 2023 on the remaining amount. three-year term until the end of 2025.
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Repayment Term: The outstanding balance and applicable interest will expire and be paid in full at the end of 2025. No comments or concessions have been made at this time regarding amounts outstanding at the end of 2025, so businesses should carefully review the terms of the loan agreement if they are concerned about this timeframe and assume that business terms and rates apply.
25% Loan Forgiveness: Companies that repay 75% of the outstanding balance on or before the end of 2022 will have the remaining 25% of the loan balance forgiven. This is the most beneficial aspect of the CEBA program. For any business that borrows from its CEBA line of credit this year, the government will look at the amount owed on January 1, 2021, which is the date the potential loan forgiveness amount is calculated. To qualify for 25% loan forgiveness, the company must repay 75% of the amount from January 1, 2021 through December 31, 2022. The maximum amount to be repaid is (i) $10,000 or the greater of the following amounts. (ii) 25% of the balance on January 1, 2021. For clarity, businesses that do not borrow the full $40,000 will not be forgiven $10,000, it will be a smaller forgiveness amount equal to 25% of their amount. January 1, 2021 in total.
The loan forgiveness repayment deadline is the end of 2022. If 75% of the loan amount is not repaid before December 31, 2022, the company will not be eligible for forgiveness under current rules. The details of eligibility for forgiveness seem pretty binary at this point; if 75% is not repaid before the end of 2022, there does not appear to be an option for forgiveness, which means that the entire principal and interest amount must be paid before the end of 2025 and the opportunity for forgiveness is lost.
Given the interest-free period and the transition from revolving loans to non-revolving loans at the end of this year, we expect that many companies intend to maximize the loan amount by December 31, 2020 and expect to repay 75%. as close as possible to 31 December 2022 and not earlier.
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We recommend that you continue to monitor the related details, which may change after this article is written. Business owners should review the exact terms and conditions when applying and agreeing, and keep them in mind in case the details change or become more nuanced from now on.
Online Application Preparation: CEBA applications are available online only. A corporate officer or director should plan to register and apply online. This must be a person who is able to provide legal evidence for the company and be authorized to bind the company. It may be wise to ensure your directors and officers records are up to date in case government officials refer to company profiles publicly available through the provincial ministry. This person binds the company to the CEBA line of credit agreement. At the very least, ensure that the correct director(s) and officer(s) are pre-authorised with your bank.
The Government of Canada recommends that you need your 2019 T4 summary of wages paid at the time of application. Talk to your accountant or contact the CRA if you want to reissue it.
Cash Flow: The conceptual concept behind CEBA is that the Canadian government provides federally guaranteed interest-free working capital loans to small businesses, but releases
Free Small Business Support
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