Sunday , 5 February 2023
Home News Payroll relief for employers and employees
News

Payroll relief for employers and employees

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

News

SIU clears Halton Police in drunk driving arrest

The Special Investigations Unit has ruled out any police wrongdoing in the...

News

Armed holdup at Barton Street store

Hamilton Police continue to investigate a commercial robbery with a firearm. Investigators...

News

Developer charges quickie heritage designation being used to thwart Burlington residential development

A developer is crying foul over a decision by Burlington Council to...

News

Dofasco Green Steel plans get an airing on Bill Kelly Show

Earlier this week, a plan by ArcelorMittal Dofasco to transition away from...