On May 15th, 2020, the Federal Government announced an extension of the Canada Emergency Wage Subsidy (CEWS) to August 29, 2020. This 12-week extension adds three four-week periods to the CEWS. Period Four (June 7th to July 4th), which is the first four-week period of the 12-week extension, will have the same eligibility criteria as the previous four-week periods.
To be eligible for Period Four of the CEWS, a business must show a minimum 30% revenue decline in June 2020 compared to June 2019 revenues or an average of January and February 2020 revenues. Any potential changes to eligibility will apply for Period Five (July 5th to August 1st) and/or Period Six (August 2nd to August 29th). Additional information about the CEWS extension and any eligibility changes for future periods are expected to be announced shortly.
|Period 1||Period 2||Period 3||Period 4||Period 5||Period 6|
|Wage Claiming Period||March 15 – April 11||April 12 – May 9||May 10 – June 6||June 7 – July 4||July 5 – August 1||August 2 – August 29|
|Revenue Comparison||March 2020 over March 2019
March 2020 over January and February 2020 average
|April 2020 over April 2019
April 2020 over January and February 2020 average
|May 2020 over May 2019
May 2020 over January and February 2020 average
|June 2020 over June 2019
June 2020 over January and February 2020 average
|Minimum Revenue Decline||15%||30%||30%||30%||TBD||TBD|
Sign up for our newsletter and receive tax, accounting, and COVID-19 resources for your business!