CPCA has been monitoring announcements as all members have with respect to various relief programs related to COVID-19. Even though the details were announced as below, there are still some clarifications demanded of the Government. The best course of action for members is to apply for relief funding now as set out in the program requirements as noted on April 6, 2020.
The Federal Government provided much-anticipated details on their 75% wage subsidy for businesses and not-for-profits, the Canadian Emergency Wage Subsidy program. The details were released in a press conference with Finance Minister Bill Morneau, International Trade and Small Business Minister Mary Ng, and Innovation, Science and Industry Minister Navdeep Bains.
The Finance Minister called the subsidy “the largest economic program in Canadian history,” with an estimated cost of $71 billion.
Parliament will need to return to pass these measures into law, which is expected early next week, and funds are expected to be available within six weeks. More details will be provided to members as they become available.
All measures are proposed and are contingent on legislative approval and as such may be subject to change. However, given the crisis and timing, it is not expected to be held up.
A comprehensive resource for all government programs is available per the links below:
The Canada Emergency Wage Subsidy
The Canada Emergency Response Benefit
As the details of the programs already announced become available, CPCA will provide as much detail as is available to help your organization get through these extraordinary times.