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Launched – Canada Emergency Wage Subsidy Calculator

Canada Emergency Wage Subsidy (CEWS) has been implemented by the Government of Canada to help employers maintain their staff fees and hiring expenses. This economic policy provides a 75% wage subsidy of up to $847 per employee/week, to eligible employers, for up to 12 weeks, retroactive to March 15, 2020.

The Minister of National Revenue, the Honourable Diane Lebouthillier, launched the Canada Emergency Wage Subsidy calculator to help employers in the process of applying for the Canada Emergency Wage Subsidy.

Detailed Information: https://bit.ly/2VXaXFw 

 

Additional support for Northern and Small Businesses

Prime Minister Justin Trudeau announced $1.7 billion to clean up orphan wells in Alberta, Saskatchewan and British Columbia, and aid for businesses in rural areas, and, people employed in the arts and culture sectors.

Highlights:

  • This program will help maintain 5,200 jobs in Alberta.
  • Will establish a $750 million emissions reduction fund.
  • Working to expand credit for medium-sized energy companies
  • $962 million for regional development agencies to help smaller employers in rural areas 
  • $270 million for a program for entrepreneurial and industrial research
  • $500 million to support Canadians who work in the arts, culture and sports sectors.

Detailed Information: https://bit.ly/2VNaw0F

Additional Support for Small Businesses

The Government of Canada is working to give small businesses the support they require to be able to continue during this critical time. They are crucial to the Canadian economy and are vital to all the communities around the country.

The Prime Minister, Justin Trudeau, announced new measures to support Canadian businesses and their employees. The Government of Canada expanded the Canada Emergency Business Account (CEBA) to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. 

    Detailed Information: https://bit.ly/34Qxc3V 

     

    Expanding access to the CERB and New Wage Boost

    The Canadian government has relaxed the eligibility rules of CERB to help more Canadians benefit from the program. Highlights from the new changes announced are,

    • Allow people to earn up to $1,000 per month while collecting the CERB.
    • Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak.
    • Extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.

    Apply for CERB at: https://bit.ly/2z1gfYM

    The Government of Canada also announced a new wage boost for essential workers, wherein the government will work with provinces and territories through a new transfer to cost-share a temporary top up to the salaries of low-income essential workers that the provinces and territories have deemed essential in the fight against COVID-19. The Government of Canada will cover a portion of the cost of providing temporary financial support to low-income workers, thereby helping to support employers in keeping their workers on staff, while also ensuring fairness.

    Detailed Information: https://bit.ly/3agm9SX

    Positive Changes on Wage Subsidy

    With the new changes made by the Canadian Government, in the Wage Subsidy program, it will now be easier for companies to qualify for the program.

    3 key changes made in the program are,

    • A firm can now use revenue from January and February as a base of comparison, if it chooses. Previously, only year-over-year comparisons were allowed. This will help new firms
    • To qualify, companies will have to show a 15% reduction in gross revenues for March. Previously, the threshold had been a 30% loss. The threshold will be 30% in April and May
    • The government will allow the option to use cash accounting, instead of accrual accounting

    Detailed Information: https://bloom.bg/2y5NWry