Prime Minister Trudeau announced earlier today more details surrounding the Canada Emergency Wage Subsidy. As part of that program, the federal government will cover 75 per cent of employees salaries, on the first $58,700 earned, back dated to March 15.
- Any business with at least a 30% revenue decrease because of COVID-19 qualifies.
- Number of employees does not matter
- It applies to non-profits, charities and companies big and small
- This program is the latest program to be rolled out by the federal government since the declaration of the COVID-19 pandemic.
Other measures announced so far include:
The Canada Emergency Response Benefit to provide $2000 per month to Canadians who lose income due to COVID-19 including self-employed individuals and contract workers.
The new Canada Emergency Business Account to provide interest-free $40,000 loans to small businesses and not-for-profits. Repaying the loan before Dec 2022 will result in loan forgiveness of 25% (up to $10,000).
For compete details, please visit Canada’s COVID-19 Economic Response Plan website.https://www.canada.ca/en/department-finance/economic-response-plan.html