Canadian Government Announces Royal Assent of the Canada Emergency Wage Subsidy (CEWS) on April 13, 2020.
The Canadian Emergency Wage Subsidy has been passed by the House and the Senate, and received Royal Assent.
YOU CAN APPLY TODAY (April 27th):
Eligible employers will be able to apply for the CEWS through the Canada Revenue Agency's My Business Account portal. Employers will need to keep records demonstrating their reduction in arm's-length revenues and remuneration paid to employees. More details about the application process will be made available shortly.
On April 1st, Finance Minister Bill Morneau, the Minister of Small Business, Export Promotion and International Trade, Mary Ng, and the Minister of Innovation, Science and Industry, Navdeep Bains, announced the details of the proposed Canada Emergency Wage Subsidy:
- 75% wage subsidy of the first $58,700 normally earned by employees (benefit of $847 per week for 12 week period, retro-active from March 15 to June 6).
- Eligible employers suffering a drop in gross revenues of at least 30% in March, April or May, as compared to the same month in 2019 would have access to the subsidy
- Eligible employers would include employers of all sizes and all sectors with the exception of public sector entities
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.
- Additional details on how to apply for the subsidy will follow. This program will still need to be passed by parliament before implementation commences.
View the April 13th News Details here.