Update regarding the 75% wage subsidy introduced by the Federal government.
Prime Minister Justin Trudeau announced yesterday, March 30, 2020, a few details on the 75 per cent wage subsidy that will be available to qualifying Canadian businesses.
According to the federal government, if an employer’s revenue has decreased by 30 per cent as a result of the COVID-19 pandemic, that business will be eligible for the wage subsidy.
The federal government has said that it will cover 75 per cent of the first $58,700 of income earned, which works out to $847 per week. This subsidy will be retroactive to March 15, 2020.
The Prime Minister also advised that the wage subsidy will apply to all non-profit organizations, charities, and companies of all sizes.
CPA Canada anticipates that partnerships and sole proprietors will also be eligible based on the bill that was introduced last week, even though the Prime Minister did not mention these employers specifically.
More substantive details were expected to be announced today, March 31st by the federal government.
According to Bill Morneau’s twitter feed, he will be providing more details on the proposed 75% wage subsidy for businesses tomorrow, April 1st. More details to come.