2020-04-09 Hypha Worker Co-op: Finance

Time: 12-1pm ET
Location: https://jitsi.hypha.coop/hyphacoop
Attending: bl, yj, dc
Cultivator: bl
Notetaker: yj, bl, dc (part)

Agenda

Item	Time (min)
Personal Checkins	5
Announcements	5
Task Board Review	15
Discussions	30
Process Checkout	5

Notes

Personal Checkins

skipped

Announcements

None

Task Board Review

skipped

Review DONE tasks
- …
Review [priority-★★★] [priority-★★☆] [priority-★☆☆] [priority-none]
- …

Discussions

COVID business support from Canadian government
- https://hackmd.io/EdvBv_45TjW8sq1aKZgKcA?view#Accessing-Federal-and-Provincial-Supports
  - Federal
    - Wage Subsidies ?
      - dc: we should be eligible the 75%
        
        75%
        
        This subsidy would be available to eligible employers that see a drop of at least 15 per cent of their revenue in March 2020 and 30 per cent for the following months (see Eligible Periods). In applying for the subsidy, employers would be required to attest to the decline in revenue.
        
        Under this alternative approach, employers would be allowed to compare their revenue using an average of their revenue earned in January and February 2020. Employers would select the general year-over-year approach or this alternative approach when first applying for the CEWS and would be required to use the same approach for the entire duration of the program.
        
        timeline looks like application in April, impact in May
    - 10% Payroll Remittance Credit
      - “10% Temporary Wage Subsidy for Employers on remuneration paid from March 18, 2020 to June 19, 2020”
      - https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html#h1
        
        #todo:yj call wagepoint to try and apply it this payroll period
        
        #todo:yj make sure we are set up for this in the next 2 (or more) pay periods
    - BCAP
      - https://github.com/hyphacoop/organizing-private/issues/35
      - https://www.desjardins.com/ca/covid-19/business-relief-measures/
      - #todo:yj review in 2 weeks to see if it changed and if we can apply
    - Deferring Tax eligible doesn’t apply
      - dc: we are eligible to defer tax
    - WSIB eligible doesn’t apply
      - does not affect us
  - Provincial
    - NDP proposed something, slim chance it’ll pass
    - #todo keep watch of Ministry of Finance, consultations soon: https://news.ontario.ca/mof/en/2020/03/statement-from-the-minister-of-finance-on-the-2019-novel-coronavirus-covid-19-and-ontarios-economy.html
  - Municipal
    - nothing released but there is a “plan”
    - https://www.toronto.ca/home/covid-19/economic-support-recovery/economic-support-recovery-for-businesses/
    - #todo:yj complete Toronto business impact survey: https://s.cotsurvey.chkmkt.com/?e=192083&d=e&h=C10B481F4DB6030&l=en
    - #todo keep watch
COVID business support from Desjardins
- Only quebec at the moment
- They are being asked to adjust their interest and credit rates
Co-operative Resources
- CMC - ensuring all the federal things apply to coop, we can ask them if we need (dc has contact)
- OCA - haven’t done to much. Should be doing CMC stuff at provincial level
- CWCF - in the works (probably most relevant to Finance)
  - need to apply to federal programs first in order to be eligible
  - we may not be in desperate need to apply to emergency funds
  - we need to pay accountant and bookkeeper, perhaps can apply for “survival planning fund” (formerly technical assistant grant), up to $2000 (then we pay an expert)
    - #todo look into this after federal investigations
  - pay attention to IRP future rounds (run by federal government)
    - not directly related to CWCF, but they apply to it
Reimbursement process
OKRs
- Hiring contractors https://github.com/hyphacoop/organizing/issues/250
- Corporate tax filing: we can defer until September
- HST we will likely hit 30,000 in June, after that we need to collect HST, and we need to clarify on what we don’t collect bc of our non-profit status
  - #todo discuss next meeting https://github.com/hyphacoop/organizing/issues/120
- #todo make task for finance role definition
- Repay member investments - can start thinking about plan for this end-April

Process Checkout

skipped

Action Items for Cultivator

Migrate items with #todo:person to task board
Publish meeting notes as
- business-planning: open access, or publicly indexed with restricted access
- finance: open access, or publicly indexed with restricted access
- governance: open access, or publicly indexed with restricted access
- infrastructure: open access, or publicly indexed with restricted access
- operations: open access, or publicly indexed with restricted access
Reset meeting pad for next meeting

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