Unfortunately, agents are not entitled to unemployment insurance as they are considered Self Employed Independent Contractors, therefore we cannot provide ROE (Record of Employment forms) But stay tuned the Government will likely have financial assistance.
COVID -19 is impacting us in so many ways and we are all in uncharted waters in terms of our health risks , our employees and businesses. It is estimated that programs will be available in early April.
The Federal government is also administrating the COVID-19 “business financial assistance” with a “business credit availability program “ through the BDC bank with three facilities – (1) Small Business Loan; (2) Working Capital Loan; and (3) Purchase Order Financing. Please go to bdc.ca for the COVID- 19 link and there is a 2-page general application whereby on submission BDC shall email you back their confirmation of the application and that you will be contacted in due process.
There is no indication of the BDC approval requirements, but we would expect recent financial statements, existing financial position and probably a projected monthly (could be weekly) operations cash flow statement indicating collection of receivables, payment of payables, revenues and expenses. The purpose of the cash flow statement is to support the amount of the loan as the BDC will not be lending ad hoc amounts. Even in the absence of an application, we recommend every business should prepare a three-month operations cash flow statement.