Today, Wednesday, April 1, the federal government announced further details on 75 per cent Canada Emergency Wage Subsidy:
- It will be in place for a 12-week period, from March 15 to June 6, 2020.
- It will apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847/week.
- Eligible employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, would be able to access the subsidy.
- Employers of all sizes and across all sectors are eligible (except for public sector entities).
- An eligible employer’s entitlement to this wage subsidy will be based on the salary or wages paid to employees. Employers are asked to make best efforts to top up salaries to 100% of the maximum wages covered.
- For non-profits and registered charities similarly affected by a loss of revenue, the government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances.
- Eligible employers would be able to access the program applying through a CRA online portal. Details on how to apply are to come.
- In his remarks, Federal Finance Minister, Bill Morneau indicated that funds would be available in approximately six weeks.
This evening, the provincial government announced:
- The COVID-19 Income Support Fund to help Islanders bridge the gap between their loss of income and Employment Insurance Benefits or the Canada Emergency Response Benefit. This fund provides a one-time, taxable payment of $750.
As your Chamber, we are here for you and will continue to advocate on your behalf and share relevant information as it becomes available. Please continue to reach out with your questions, comments and concerns.
Dawn Binns, President
Greater Charlottetown Area Chamber of Commerce