COVID-19: 75% Canada Emergency Wage Subsidy for Canadian Businesses
In order to help Canadian businesses, the federal government has announced its plans to offer a 75% wage subsidy for qualifying businesses. This applies to businesses of all sizes and across all sectors.
In order to qualify, a business must be able to prove a loss of at least 15% of revenue in March 2020 and 30% for the following months. This measure will be backdated to March 15, as way to incentivize employers to re-hire employees that may have been laid off.
It would apply to 75% of the first $58,700 normally earned by employees – representing a benefit of up to $847 per employee. This program would be in place for a 12-week period from March 15 to June 6.
A funding portal – through CRA – will be available shortly.
Organizations that do not qualify for the Canada Emergency Wage Subsidy can qualify for the previously announced wage subsidy for 10%, up to a maximum of $1,375 per employee and $25,000 per employer. Click here for more information.