Update – April 8, 2020.
New Criteria for 75% Wage Subsidy Announced
Trudeau announced today the proposed new rules – businesses can use January and February of 2020 as comparison months to measure their revenue drop — instead of just the same month last year — which should help new or scaled-up businesses qualify.
Another proposed adjustment reduces the required revenue drop to 15 per cent for the month of March, which is expected to capture the many businesses that were forced to shut down midway through that month.
This is an update from the announcement made Friday, March 27, 2020
Businesses and non-profit organizations seeing a drop of at least 30% in revenue due to COVID-19 will qualify for the government’s 75 per cent wage subsidy program, Prime Minister Justin Trudeau announced today.
Workers who qualify for the Canada Emergency Wage Subsidy will have 75 per cent of their salary covered, on the first $58,700 earned this year, equivalent to $847 per week. The program will be backdated to March 15.
Prime Minister Justin Trudeau just announced more assistance for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis, including a 75 per cent wage subsidy and guaranteed interest-free loans.
More details are promised Monday.