75% Federal Wage Subsidy Information

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.