If you’re still able to work and have employees, the Federal government has recently introduced a plan that could help your business.
On April 27, 2020, the Canada Emergency Wage Subsidy (CEWS) program was open for applications. This allows eligible employers to receive a 75% wage subsidy (up to $847 per employee per week) for their eligible employees during the qualifying periods (March 15 to June 6).
Eligible Employer: Can be an individual, a taxable corporation or partnerships. Eligible employers will be able to access the subsidy if they have suffered a drop in revenues of at least 15% in March 2020, 30% in April 2020, and/or 30% in May 2020 as compared to the same timeframe in 2019 or to the average monthly revenue for January and February 2020. Eligible employers must attest that the application is complete and accurate, and have a payroll account before March 16, 2020 to qualify.
Eligible employee: An individual employed in Canada by the eligible employer in the qualifying period.
Qualifying periods: the eligible employer needs to qualify for each of the following periods:
- Period 1- March 15 to April 11
- Period 2- April 12 to May 9
- Period 3- May 10 to June 6
If you need help figuring out if you are eligible or if don’t know how to apply to CEWS, contact me for a free consultation. I’m here to answer any of your business, accounting or tax related questions. #BeAccountedFor