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MP Neil Ellis would like to provide an update on previously announced federal support measures for Canadians, as well as businesses, who have been financially impacted by the ongoing COVID-19 situation.
Please be advised that the:
1. Canada Emergency Wage Subsidy* will be available to all private industries/employers whose business’s gross revenues have decreased by at least 30% because of COVID-19. The amount of employees on staff is not a criterion for this subsidy. This subsidy will be made available to non-profit organizations and charities, as well for-profit companies of all sizes. Overall, the government will cover up to 75% of an employee’s wage on the first $58,700 that they earn. That means up to $847 a week will be made available/per employee and backdated to March 15, 2020. Applications are not yet open but will be made available through CRA in the coming days.
For full details on the Canada Emergency Wage Subsidy, please visit: https://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html
2. Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus. Small businesses and not-for-profits should contact their financial institution to apply for these loans. To qualify, organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25% (up to $10,000).
For full details on the Canada Emergency Business Account, please visit: https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html#_New_Loan_Programs.
3. Canada Emergency Response Benefit (CERB)* will be available to workers residing in Canada, who are at least 15 years old, and who:
a. Have earned at least $5,000 in 2019 or in the year prior to their application from any of a combination of the following sources: employment, self employment, Employment Insurance maternity and parental benefits, and/or similar benefits paid in Quebec under the Quebec Parental Insurance Plan (QPIP); and
b. Are without employment or self-employment income for at least 14 consecutive days in a four-week period, for reasons related to COVID-19, including if they have temporarily stopped working, lost their job, are sick or in quarantine, or need to care for a child or a family member. This will include individuals who are furloughed or retained by an employer but have lost their income.
Workers will be able to apply online for the Canada Emergency Response Benefit starting next week.
To help the department deliver the CERB in the most efficient way possible, individuals should apply using the specific date listed on the following chart:
The new benefit will be available for the period beginning March 15, 2020 and ending October 3, 2020. For full details on the CERB, please visit: https://www.canada.ca/en/services/benefits/ei/cerb-application.html
* Please be advised that individuals are not eligible to receive the CERB at the same time as the wage subsidy.
• All these details and more are also available through the Government of Canada website at: https://www.canada.ca/en.html.
• Canada’s COVID-19 Economic Response Plan can be reviewed at: https://www.canada.ca/en/department-finance/economic-response-plan.html.
• For technical details on all business support measures, please also refer to: https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html#_New_Loan_Programs.
• For the latest information on COVID-19 prevention strategies and to review daily updates from the federal government, MP Ellis encourages everyone to visit: Canada.ca/coronavirus.