More Details on Emergency Wage Subsidy

Here are the details currently available on the federal emergency wage subsidy: - 75% of annual earnings up to $58,700 or $847 per week - Available to businesses, NFPs & charities that have lost 30% or more in revenues compared to same month in 2019
April 1, 2020
Here are the details currently available on the federal emergency wage subsidy:

– 75% of annual earnings up to $58,700 or $847 per week

– Available for businesses, NFPs & charities that have lost 30% or more in revenues compared to same month in 2019

– CRA application portal coming soon, money will flow within 6 weeks

– Need to reapply each month

– Severe penalties for fraud

– An eligible employer’s entitlement to this wage subsidy will be based entirely on the salary or wages actually paid to employees. All employers would be expected to at least make best efforts to top up salaries to 100% of the maximum wages covered

– The “reference period” is the year-over-year period used to calculate the 30% revenue loss, i.e. March 2020 vs March 2019.

– The “claiming period” is the timeframe during which wages (ie: March 15 – April 11) are being subsidized.

– Those organizations that do not qualify for the Canada Emergency Wage Subsidy may continue to qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.

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