GENERAL DISCLAIMER

The information provided by Versa Cloud ERP Inc. (“we,” “us” or “our”) on https://www.versaclouderp.com/ and other web sites operated by us (the “Site”) is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site

Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the Site or reliance on any information provided on the Site. Your use of the Site and your reliance on any information on the Site is solely at your own risk.

EXTERNAL LINKS DISCLAIMER

The Site cannot and does not contain medical/legal/fitness/health/other advice. The legal/medical/fitness/health/other information is provided for general informational and educational purposes only and is not a substitute for professional advice.

Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of medical/legal/fitness/health/other advice. The use or reliance of any information contained on this site [or our mobile application] is solely at your own risk.

TESTIMONIALS DISCLAIMER FOR WEBSITE

The Site may contain testimonials by users of our products and/or services. These testimonials reflect the real-life experiences and opinions of such users. However, the experiences are personal to those particular users, and may not necessarily be representative of all users of our products and/or services. We do not claim, and you should not assume, that all users will have the same experiences. Your individual results may vary.

The testimonials on the Site are submitted in various forms such as text, audio and/or video, and are reviewed by us before being posted. They appear on the Site verbatim as given by the users, except for the correction of grammar or typing errors. Some testimonials may have been shortened for the sake of brevity where the full testimonial contained extraneous information not relevant to the general public.

The views and opinions contained in the testimonials belong solely to the individual user and do not reflect our views and opinions.

COVID-19 Resources

With all eyes on the COVID-19 pandemic and how its impact will be felt over the coming weeks and months, people are being bombarded with all kinds of noise and speculation..

Between a deadly virus, looming economic effects, government shutdowns, recovery programs etc. it’s clear that a fertile breeding ground has been created for misinformation, rumors, conspiracy theories, hot takes, and other potentially misleading content. .

To try and address this in our own small way, the team at Versa decided it would create this curated collection of institutional sources of COVID-19 related information that would be updated and improved on a weekly basis.

Please let us know if you find any sources of information on this page that are false or misleading and we will remove it. Or if there are additional resources that we should list.

In closing, a note about Versa. Our entire team is still at work to support our customers and we don’t see any change in this for the foreseeable future. Being a globally dispersed team that is used to working remotely we are still available via email, phone, and video conferencing if you need us. These are challenging times for all of us personally but we will try and keep it to “business as usual” to the extent possible.

Finally let us keep our fellow citizens on the front lines of this fight as well as their families and communities in our thoughts and prayers. Their extreme sacrifices, day after day make it possible for all of us to go on and maintain a semblance of normalcy in these challenging times.

Our debt of gratitude to them cannot be measured and can never be repaid. But we can help support them. So, let us all try and do what we can to make it a little bit easier for them to take care of their families and get their jobs done in any way we can.

Let us not also forget those who are less fortunate and those that are the most vulnerable among us. The unfortunate truth is that they will be impacted the most by this crisis and it is they who have the fewest means to cope. We must all do what we can to help and support them through these challenging times.

Please keep safe and let us know how we can help in any other way.

The Versa Team

CEWS - Canada Emergency Wage Subsidy

If you are a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020. This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.

Are you an eligible employer?

    To be eligible to receive the wage subsidy, you must:
  • Be an eligible employer
  • Have experienced an eligible reduction in revenue, and
  • Have had a CRA payroll account on March 15, 2020

Who are eligible employees?

An eligible employee is an individual employed in Canada by you (the eligible employer) during the claim period, except if there was a period of 14 or more consecutive days in that period where they did not receive any pay (eligible remuneration) by you.

Employee eligibility is based on whether the person is employed in Canada, not where they live.

Retroactively hiring and paying employees

Employees who have been laid off or furloughed can become eligible retroactively, as long as you rehire them and their retroactive pay and status meet the eligibility criteria for the claim period. You must rehire and pay such employees before you include them in your calculation for the subsidy.

What is eligible remuneration

Calculate your subsidy amount

When you apply for the CEWS, you will be asked to enter amounts such as the number of eligible employees and gross payroll. To get ready, you can determine these amounts and preview your subsidy claim now, based on information you enter. The calculator is a tool to help you estimate the amount of your wage subsidy.

How the subsidy is calculated
Input your information and calculate now

How to apply

Beginning April 27, applications will be open for the Canada Emergency Wage Subsidy.

  • Most businesses may apply using My Business Account
  • If you represent a business, you may apply using Represent a Client
  • Alternatively, you may apply using a separate online application form (available April 27)

The CEWS will be processed at the payroll program (RP) account level, so you will have to file a separate application for each RP account.

Get your personalized account information in My Business Account.

Contact the CRA

Canadian Government’s Support for Small Businesses:

CEBA - Canada Emergency Business Account
Business Loans
BUSINESS LOANS

We're giving small businesses loans of up to $40,000 interest-free for one year.

URGENT: Prepare requirements ASAP!
See Application requirements Now!

Wage Subsidy
WAGE SUBSIDY

We're providing a wage subsidy of up to 75% to make sure employers can keep employees on the payroll.

Support for Businesses
SUPPORTING FOR BUSINESS

We're making $40 Billion available to support businesses with operational cash flow gaps.

Deferring Taxes
DEFERRING TAXES

We're deferring GST and HST payments, duties, and taxes owed on Imports until June.

Loan $40,000 Interest-Free for 1 Year

A $40,000 government‑guaranteed loan to help eligible businesses pay for operating expenses, payroll and other non‑deferrable expenses which are critical to sustain business continuity.

Until December 31, 2020, the Canada Emergency Business Account will be funded as a revolving line of credit for $40,000.

After December 31, 2020, any outstanding balance on the revolving $40,000 line of credit will be converted into a non‑revolving 5‑year term loan maturing on December 31, 2025, at which time the balance must be paid in full.

No interest applies until January 1, 2023.

Commencing on January 1, 2023, interest accrues on the balance of the term loan at the rate of 5% per annum, payable monthly on the last day of each month.

If you pay 75% of the balance of the term loan (as at January 1, 2021), on or before December 31, 2022, the remaining balance of your term loan will be forgiven. For example, if your balance is $40,000 on January 1, 2021 and you repay $30,000 on or before December 31, 2022, the remaining $10,000 will be forgiven.

If you do not repay 75% of the balance of the term loan (as at January 1, 2021) on or before December 31, 2022, the full loan balance and all accrued and unpaid interest will be due and payable on December 31, 2025.

When can I enroll for CEBA?

Online enrollments will start on the week of April 6, 2020.

What do I need to do IMMEDIATELY? | 3 Application Requirements
  1. Signup or Update your email and contact details on your RBC Online Banking for Business profile.
  2. Locate your 2019 T4 Summary of Remuneration Paid statement.You can also contact the Canada Revenue Agency to have them re‑issue your 2019 statement. Information on this document will be required for the enrollment process.
  3. Ensure that the person enrollingyour organization for CEBA has the authority to attest on behalf of the organization and bind the organization to the terms of the CEBA loan agreement.

Completing these steps today will help ensure a smoother, faster experience once the enrollment process launches in the coming days.

Am I eligible for this?

The eligibility criteria are as follows, per the Government of Canada’s requirements:

  • You have an existing RBC business deposit account, which is your primary financial institution, and your account was opened prior to March 1, 2020. Please note, to enroll for the Canada Emergency Business Account through RBC, RBC must be your primary financial institution.
  • Your business has been a registered and operational business on or before March 1, 2020.
  • The person enrolling for the Canada Emergency Business Account must have the ability and authority to bind the organization.
  • Your payroll expense is between $50,000 and $1 million. To confirm this, you will be required to provide the following information:
    • Your employer account number, as reported at the top of your 2019 T4 Summary of Remuneration Paid.
    • Your employment income reported in Box 14 of your 2019 T4 Summary of Remuneration Paid.
    • A copy of your 2019 T4 Summary of Remuneration Paid, if requested.
  • As per the requirements set out by the Government of Canada, you will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, debt payments and property tax.


Go to CEBA Information Page

SBA Disaster Relief Programs from the US Government

Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

Economic Injury Disaster Loan (EIDL)

SBA’s viital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

    This program is for any small business:

  • With less than 500 employees (including sole proprietorships, independent contractors and self-employed persons)
  • Private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.


Due to the Lapse in Appropriations, EIDL is currently closed for new applicantions. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.


See Updates in EIDL Relief Page

Paycheck Protection Program (PPP)

This assistance program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.


Learn More About PPP

Other SBA Coronavirus Relief Funding Options

  • In addition to traditional SBA funding programs, the PPP and EIDL described above, there are other new temporary programs to address the COVID-19 like
    • SBA Express Bridge Loans
      • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
    • SBA Debt Relief
      • Federal government announced significant economic measures, a total of $82 billion in financial aid to support the economy during the COVID-19 pandemic.

Go to SBA Corona Relief Programs page for more options and info.


Join SBA’s Daily Webinars

Learn and get your questions answered right away.

Coverage:

  • Overview
  • How to Apply
  • Live Q&A

9:00AM and 2:00PM EST
Weekdays from 3/20/20 through 4/3/2020

Join Skype Meeting

Other Business Resources

Local Briefings and Updates

No Results Found.

Do you ever wonder how stress-free, convenient, and efficient operation management feels like? Good News! It can be your reality now!

We now offer a 14-day FREE Trial.

No Credit Card Required

Special Promotions for Startups

Are you a startup looking for a versatile, cloud based accounting product for your growing needs? We have a deal for you!

Read more here