As an update to our previous post on Wage Subsidy and Interest Free Loans for businesses here, we are very happy to hear that the Canadian government has added charities and not-for-profit organizations to the list of qualifiers for the 75% Wage Subsidy program. This program is intended to help cover operating costs during a period where revenues have been temporarily reduced.
The wage subsidy will be retroactive to payroll from March 15, 2020. It is designed to cover the first $58,700 per employee which adds up to a benefit of $847 per week. Where possible, businesses are encouraged to bring back any employees there were previously laid off, and to pay the remaining 25% of wages that are not covered by this subsidy.
Currently no information is available in regards to how to apply, however more information should be made available during Finance Minister Bill Morneau’s press conference tomorrow on March 31, 2020.
As an update to the Interest Free Loans for small businesses, up to $40,000 is available for businesses, no matter the company or employee size. Up to 25% or $10,000 of this will be non-repayable if the loan is repaid by December 21, 2022.
As always, we will continue to keep you updated as changes occur and information becomes available!
Stay safe out there.
Update: Please note that Finance Minister Bill Morneau and Small Business Minister Mary Ng were supposed to provide more details onMarch 31, 2020, on the 75% Wage Subsidy Program. However, the press conference has been postponed until April 1st. Again, we will provide an update once we have reviewed the announcements made during that press conference.
🔸Update on Wage Subsidy and Loan Programs for Business🔸👉 This now includes charities and not-for-profit organizations, retroactive to payroll from March 15, 2020. 👉 Continue watching for details on dollar amounts, number of employees and recommendations from the government.As always, we will continue to keep you updated as changes occur and information becomes available!Stay safe out there. #YXH2gether #COVID19AB
Posted by JMH & Co. on Monday, March 30, 2020