New details on the Canada Emergency Wage Subsidy
By Canadian PizzaCOVID-19 Updates News Business and Operations Finance Health & Safety Canada Emergency Wage Subsidy COVID-19 updates
Ottawa –The federal government has provided additional details on the Canada Emergency Wage Subsidy, including a change in the criteria for financial impact on businesses from a 30 per cent drop in March to a 15 per cent drop.
This subsidy would available to eligible employers that see a drop of at least 15 per cent of their revenue in March 2020 and 30 per cent for specific “eligible” periods in April and May (see the federal government’s website for details), said a news release from the department of finance.
The program provides a 75-per-cent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020.
This wage subsidy aims to prevent further job losses, encourage employers to re-hire workers previously laid off as a result of COVID-19, and help better position Canadian companies and other employers to more easily resume normal operations following the crisis, the government said. While the government has designed the proposed wage subsidy to provide generous and timely financial support to employers, it has done so with the expectation that employers will do their part by using the subsidy in a manner that supports the health and well-being of their employees.
For details, visit the federal government’s website.
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