Update: May 11, 2020:
On May 8, the Prime Minister announced the wage subsidy is going to be extended beyond the initial end date in early June. Details to come.
Update: April 28, 2020: STEP-BY-STEP GUIDE: APPLY FOR THE CANADA EMERGENCY WAGE SUBSIDY (CEWS)
Update: April 21, 2020: Applications for the Canada Emergency Wage Subsidy (CEWS) will start to be accepted on April 27, 2020. Click here for details on CEWS.
Update: April 8, 2020: Wage subsidy program to include not-for-profit organizations and all businesses experiencing a drop in revenue of 15% in March and 30% in April and May will qualify. Not-for-profit organizations will also be eligible for this wage subsidy. (Note, the details on implementation have not been released as of 4:00 PM April 8, 2020.)
Prime Minister Justin Trudeau announced that the federal government’s proposed 75% wage subsidy program will apply to businesses and not-for-profit organizations seeing a decrease of at least 15% in revenue due to COVID-19 in addition to businesses help for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis.
- The previously announced plan for 75% wage subsidy was limited to small, medium-sized businesses is being expanded to include not-for-profit and charity organizations. Subsidies will be backdated to March 15, 2020. Employers will be able to hire back previously laid-off employees and apply this program.
- Previous qualification criteria has also changed: now employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May due to COVID-19.
- The federal “…government will cover up to 75% of a salary on the first $58,700, which could mean payments of up to $847 a week.”
- The federal “…government will also guarantee loans of up to $40,000 for small businesses which will be interest-free for the first year.”
More details of the program will continue to emerge as the week progresses.
*Note: this is not yet in effect but is coming soon.
For the full article click here Watch CBC News and Service Canada for updates.
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