As the spread of COVID-19 continues to drastically alter the daily life of small businesses McCay Duff is monitoring the federal government’s rollout of Canadian financial assistance.
When can Canadian Businesses Start to Apply?
Today, the Prime Minister announced that employers will be able to start applying for the Canadian Emergency Wage Subsidy (CEWS) on April 27, 2020.
How to Apply for the Canadian Emergency Wage Subsidy?
Employers will be able to apply through their CRA “My Business Account” or by using a separate online application form that will be available on April 27, 2020.
How to Calculate the CEWS Subsidy Amount?
In addition, the Canada Revenue Agency launched a #CEWS calculator to help employers calculate their subsidy amount for qualifying periods.
When to Expect the CEWS Funds?
CRA expects to process 90% of the applications by May 5, 2020, and issue funds within a few days following May 5, 2020.
Who is Eligible for CEWS?
Details on who is an eligible employer, how to determine eligible employees, how to calculate your subsidy amount and how to apply are available on the Government of Canada website.
If you have any questions or require further information, reach out to your McCay Duff advisor.