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LETS GET DOWN TO BUSINESS.

Question :
Our sales are only just getting close to 50% of last year’s sales. We have wage subsidy until 3 July. Based on cash in June (from May invoicing) we will probably qualify for the wage subsidy extension. Based on invoicing, we are on a projection to go over 50% sales and will not qualify for the wage subsidy extension. What will be the basis of this extension – does revenue mean cash or cash+receivables in this case. 

Question submitted 29/05/20 @ 08:25am
Industry: Funding & Finance
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  • I am really sorry that you did not get an answer to this question – albeit I recall the question, and I thought I had answered!!

    My interpretation is they will look at this in line with the way that you record your revenue into your books – if you do this on a cash basis, then it will be the cash revenue you have in the month prior compared to last year. If however, if you do your books on an invoice basis, then it will be the invoices out (including cash in and receivables).

    hope that helps. Andy

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