As days pass and the COVID-19 crisis continues to evolve, I know that your need for information and answers grows. For many of us, this is the greatest challenge faced in our careers and I understand how challenging it is not being able to get clear answers and access to the assistance that has been announced. Our team is working to advocate for assistance, get clarity on announcements and share all the information on a timely basis – we know it’s your priority so it’s our priority too.
Today federal Finance Minister Bill Morneau gave some new details on the 75% Canada Emergency Wage Subsidy, announced last week. As for timing, the minister stated that “You can apply online through a CRA portal that will launch soon. Funds will be available in approximately six weeks.”
The government has provided the following details about the program:
“The Canada Emergency Wage Subsidy would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
Eligible employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, would be able to access the subsidy.
Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities.
For non-profit organizations and registered charities similarly affected by a loss of revenue, the government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances. The government is also considering additional support for non-profits and charities, particularly those involved in the front-line response to COVID-19. Further details will be announced in the near term.
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.
Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a Canada Revenue Agency online portal. More details regarding how to apply for the program will follow.”
During his news conference, the minister recognized that not every business or organization applying will be able to provide monthly reports from last year and they will address this situation, but no details provided today.
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.
Ignite Fredericton is conducting a survey to gather information about the local economic impact of COVID-19. I encourage all businesses to participate as the data obtained will help inform the development of responsive and effective economic support programs. The survey should take 5 minutes or less to complete.
The Fredericton Chamber of Commerce’s Open, Operational and/or Offering helpbusiness directory is live. We are asking all local businesses that are open, operational and/or offering help to fill out this brief form to help us populate the page. And please continue to share, share, share so our community knows the services available!
You are receiving this message because you are in our member database or via our email list. If you know other individuals or organizations that could benefit from our information, ask them to join our mailing list here. Of course, all daily emails are also available on our website by clicking here we are continuing to share them on our social media vehicles (Facebook, Twitter, LinkedIn, Instagram).
We also still want to hear how the COVID-19 Crisis is affecting your business and any specific ways that the government can support you at this time. Contact either myself or our Policy & Research Manager, Morgan Peters to share information or ask questions.