All Things COVID-19

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It has reached reserves already FC - just not the remote ones, yet.

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The meme is right about type 1. We are often kids of those that lived through the Depression and WW2 so we have stocked well ahead just on principle. My daughter used to think it was funny that I needed a garage full of food to feel secure. My "earthquake preparedness" is handy now.
 
Nice announcement by the Provincial govt today, too bad there's zero financial aid for business owners. Just tax deferrals similar to the federal plan. Don't qualify for ei either so guess we're **** outta luck.
 
They are delaying climate tax increase tho, I guess the environment can wait.

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It has reached reserves already FC - just not the remote ones, yet.

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I'm 30 and smart enough to realize that stupid doesn't discriminate against age. Myself and the majority of my friends are getting through this just fine. In fact, most of my female friends are in the medical field and are the ones taking this head on. Who was it that raised my generation and invented the participation ribbons in the first place?
 
Just an update. Bank of Business Development Canada sent in application for small business loan or bridge loan nothing yet. Definitely not as advertised and completely backlogged. Comment back could take a month or more too process applications.

Self employed and business owners can apply for income assistance starting April. It's only up to 900 every two weeks. Mortgage is frozen for only two months and bank will review again.

Pretty much anyone we deal with is closed now. I also think its disappointing that there isnt anything from province for business.
 
I'm 30 and smart enough to realize that stupid doesn't discriminate against age. Myself and the majority of my friends are getting through this just fine. In fact, most of my female friends are in the medical field and are the ones taking this head on. Who was it that raised my generation and invented the participation ribbons in the first place?
Yeah personally everyone I know in category 1 is between about 30 and 50. Most are vets.
 
Just an update. Bank of Business Development Canada sent in application for small business loan or bridge loan nothing yet. Definitely not as advertised and completely backlogged. Comment back could take a month or more too process applications.

Self employed and business owners can apply for income assistance starting April. It's only up to 900 every two weeks. Mortgage is frozen for only two months and bank will review again.

Pretty much anyone we deal with is closed now. I also think its disappointing that there isnt anything from province for business.
Gee why am I not surprised. Just like the announcement that the big banks would deffer mortgage payments for 6 months, and yet there is no legislation making them do that. Reading on social media I haven't heard of anyone successfully deferring their mortgage for more than a month and after that month they have to pay double. Ya thats alot of help. Looked like alot of people were just being flat out denied any deferrals at all. And I looked into the assistance for self employed and it states that to qualify you have to, A be infected with covid19, B in mandatory quarantine, or C helping someone who is sick with covid19. So as I read it on the govt of Canada site, if you have had to close your business or lost business because of the virus your out of luck.
 
Guys, the times are unprecedented. The new programs will take a bit of time (These are significant changes that will overwhelm immediately). I have a feeling we will see much more assistance as this unfolds. In the meantime, we should be patient and as helpful to each other as possible.
 
I think there is some things you can do
That can help, if you get your manger or
A boss to write you a letter saying you were laid off purely because of covid and that when people can go back to work you will be working again. That can help, also having your ROE ect..
 
My wife coworkers have had theirs deferred up to 6 months and my coworkers who went though credit unions have got them derfered up to 3 months.

First I heard a complete 6 months. It depends on your situation. They are not just going to let everyone defer them. This came straight from a family member that works in mortgages. It is case by case. Mine was credit union. As I said they will re evaluate after two months is up.
 
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I'm with RBC. It was one email and I was already approved. Problem is it's not like they're not still charging me interest. They're just tacking it on the end of the mortgage. So unless you're at risk of defaulting and losing your home there's no point. So now it's not like I can stop charging my out of work renters rent. I could give them a loan and hope they pay me back later but for 4 restaurant kids living cheque to cheque paying $3800 a month plus utilities and cable I have no clue how they'd ever save enough to pay it back.
 
I'm with RBC. It was one email and I was already approved. Problem is it's not like they're not still charging me interest. They're just tacking it on the end of the mortgage. So unless you're at risk of defaulting and losing your home there's no point. So now it's not like I can stop charging my out of work renters rent. I could give them a loan and hope they pay me back later but for 4 restaurant kids living cheque to cheque paying $3800 a month plus utilities and cable I have no clue how they'd ever save enough to pay it back.

That is why I am only doing a few months. 6 months isnt worth it.
 
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