APPLICATIONS FOR BUSINESS WAGE SUBSIDY OPEN MONDAY, UNCLEAR WHEN MONEY WILL FLOW
Apr 21, 2020
By Bob Komsic
Businesses hit hard by COVID-19 will be able to begin applying for the promised emergency wage subsidy on Monday.
In making the announcement, Prime Minister Justin Trudeau says the Canada Revenue Agency is setting up an online calculator, so employers can see how much they can expect to receive from the program, that’ll provide up to $847-per-employee, per-week.
”As of today, they can see what the amount they’re likely to be able to get through this, and be confident in their ability to access credit from banks, from agencies like BDC and EDC to be able to support people right now in this time of need,” Trudeau said.
The vice-chair of the cabinet committee on COVID-19, Jean-Yves Duclos, says the government hopes to process 90% of applications by May 5.
However, neither Trudeau nor Duclos can say when the money would actually begin to flow.
Meanwhile, the federal government also plans to provide $350-million to Canada’s 86,000 registered charities, which have seen a significant decline in donations since the pandemic hit.