FOR IMMEDIATE RELEASE

From the Office of Karen Vecchio, MP, Elgin-Middlesex-London

MEDIA ADVISORY: Information Regarding the Canada Emergency Wage Subsidy  

April 2, 2020

ST. THOMAS, ON– Today, Karen Vecchio, MP for Elgin-Middlesex-London is highlighting important details on the new Canada Emergency Wage Subsidy.

Yesterday, the Minister of Finance announced key information to assist businesses keep workers on payroll during the COVID-19 pandemic and provide a 75 percent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. The release also includes information on eligible employers, calculating revenues, amount of subsidy for employers, eligible period and how businesses can apply. These details are critical for businesses that are facing economic hardship, and have lost unprecedented revenues, due to the outbreak of COVID-19.

This information can be found online at http://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html

 

The following criteria was released on the Canada Emergency Wage Benefit:

• Eligible employers include; individuals, taxable corporation, partnerships, non-profit organization and registered charities
  • Public bodies are not eligible, examples: local governments, Crown corporations, public universities and colleges
• Eligible employers must see a decrease of least 30% of their revenue;
  • Employers will be required to attest to the decline in revenue
  • For eligible employers established after February 2019, eligibly would be determine by comparing monthly revenues to reasonable benchmark
  • Eligible Periods: Period 1 March 15- April 11- March 2020 over March 2019; Period 2 April 12- May 9- April 2020 over April 2019; Period 3 May 10- June 6-May 2020 over May 2019
• Eligible employers will receive subsidy amount remuneration paid between March 15 and June 6, 2020 to the maximum of:
  • 75% of the amount of remuneration paid, to a maximum benefit of $847 per week; or
  • The amount of remuneration paid, up to a maximum benefit of $847 per week or 75% of the employee’s pre-crisis weekly remuneration, which is less
  • Employers are expected where possible to maintain existing employees’ pre-crisis employment earnings
  • Employers will be eligible for subsidy of up to 75% of salaries and wages paid to new employees
  • Eligible remuneration does not include severance pay, use of a corporate vehicle or stock option benefits
  • There will be no overall limit on the subsidy amount that an eligible employer may claim
• Eligible employers will be able to apply through the Canada Revenue Agency’s My Business Accountportal

 

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For more information, please contact:
Office of Karen Vecchio