Friday, March 29, 2024

Businesses can apply for the Canada Emergency Wage Subsidy starting next week

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In his daily address this morning, Prime Minister Trudeau announced the applications for the much-awaited Canada Emergency Wage Subsidy are set to open next week.

Businesses hoping to access funds through the emergency wage subsidy program will be able to apply starting on Monday, April 27th.

Last month, Trudeau informed Canadians that all small and medium-sized businesses – whose revenue has decreased by 30% or more because of the COVID-19 pandemic – will be eligible for the 75% wage subsidy.

As for what this could look like for employees, the Prime Minister stated specifically that the government will offer up to 75% of salaries on the first $58,700 – this will break down to $847 per week.

The subsidy will be offered regardless of the number of employees the business has, and will be back-dated to March 15th, 2020.

To aid the application process, the federal government has launched a new wage subsidy calculator on the Canada Revenue Agency website, which has been set up to help businesses determine the amount of funding that they could receive.

Federal officials say this tool is beneficial to businesses and should be accessed as soon as possible. Employers will be able to print out results, then use that data in the official application process.

Filling out the calculator ahead of time means businesses can cut down the application process on Monday exponentially.

Officials have said they expect to process around 90 per cent of applications in the first week of May, which will ensure that funds get distributed as quickly as possible.

Seanna Wainman
Seanna Wainmanhttps://www.victoriabuzz.com
Managing Editor at Victoria Buzz. Have a story idea? I'd love to hear from you! Email me at seanna@victoriabuzz.com

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