Government of Canada economic response plan updates
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In addition to the Canada Emergency Wage Subsidy receiving royal assent last week, the Government of Canada has announced additional measures and eligibility criteria to its existing programs.
Canada Emergency Wage Subsidy
For eligible firms who have seen a drop of at least 15 percent of their revenue in March 2020 and 30 percent for the following months (April 12 to May 9, and May 10 to June 6), this program provides a 75-percent wage subsidy for up to 12 weeks. Applications will be done through the CRA website "My Business Account" portal, and is expected to be running within 10 days.
Canada Emergency Business Account
The government has announced an expansion of eligibility criteria for the Canada Emergency Business Account. Small businesses who spent between $20,000 and $1.5 million in payroll in 2019 can now take advantage of the program. Applications for the CEBA are done through your banking institution. More information on the program is available here.
Canada Emergency Commercial Rent Assistance
The government has announced its intent to work with provincial and territorial governments to provide rent support for rent in April, May and June. More details are expected to follow.
