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Wage subsidy update
The government of Canada has introduced 4 main responses to help individuals and business:
1. Canada Emergency Wage Subsidy
Covers 75% of wages for businesses who experience year to month wage losses (example March 2019 vs March 2020) of 30% or more.
2. 10% wage subsidy
Applies to businesses that are not eligible for the 75% wage subsidy. This subsidy can be claimed by reducing the number of remittances for income taxes withheld on employee remuneration when submitting payroll remittances to CRA.
Eligible employers will be entitled to a subsidy of 10% of the remuneration paid between March 18 and June 20, 2020, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Associated Canadian-controlled private corporations (CCPCs) will not be required to share the $25,000 maximum.
3. Canada Emergency Response Benefit (CERB)
$2,000/month for up to 4 months to workers that lose their income as a result of COVID-19
4. Access to business loans
The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits that paid between $50,000 and $1,000,000 in total payroll in 2019. Business who repay the balance of the loan on or before December 31, 2022 will receive
loan forgiveness of 25%, or up to $10,000.