Today, the Federal government announced additional details on measures enacted to support small and large businesses. Specifically, there has been additional details provided with respect to the 75% Canadian Emergency Wage Subsidy (CEWS) previously announced for qualifying businesses for up to 3 months, retroactive to March 15, 2020. The intent of this subsidy is to assist businesses in keeping or returning workers to the payroll.
Details shared in today’s announcement indicate the following:
As businesses await specific details, including the method and timing of the CEWS subsidy payments, the previously announced Canadian Emergency Business Account and Small and Medium-sized Enterprise Loan Guarantee Programs, which are intended to provide cashflow access to businesses, may assist with bridging cashflow issues.
Information on these programs can be found here.
There are still several questions that remain with respect to the CEWS. Today’s announcement indicated that Finance Minister, Bill Morneau, will provide a more detailed update of the specifics of the subsidy tomorrow, March 31st . We expect his update will provide additional details that will specifically address how this subsidy will be calculated, implemented and delivered to businesses.
Noseworthy Chapman is committed to continue to service our clients to the best of our ability with minimal disruption as we know having guidance on tax and financial matters is very important to our clients at this time of crisis. Reach out to a member of our service team for assistance, we are here to help.