75% Federal Wage Subsidy Information

Posted
March 30, 2020
in

On March 30th, the federal government provided some additional information on the previously announced 75% wage subsidy, designed to help businesses during the COVID-19 pandemic. Full wage subsidy information announced on April 1st, by the Minister of Finance Bill Morneau and Minister of Small Business Mary Ng can be found here.

  • The wage subsidy is available to businesses that show a 30% revenue decrease due to COVID-19.
  • The subsidy will cover 75% of the first $58,700 of salary earned per employee. This amounts to weekly payments of up to $847.
  • This applies to businesses regardless of size, not-for-profits and charities.
  • The subsidy will be back-dated to March 15, 2020.
  • Harsh penalties will be assessed to anyone found to be abusing the subsidy.

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