Prime Minister Trudeau announced the Canada Emergency Wage Benefit on March 30, 2020. While we are pending the technical details and roll-out of the program, here is an overview of the details we know so far:
- It is open to corporations, businesses, partnerships and non-profits – no matter how large or small
- Your business must have seen a revenue reduction of 30% due to COVID-19
- The benefit will cover up to 75% of workers’ salaries on the first $58,700 earned annually
- The maximum benefit will be $847 per week, per worker
- The subsidy will be backdated to March 15
- This benefit will be available for at least three months
- It will take time for this money to reach companies; in the meantime, there are business credit programs available (click here).
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