On Friday March 27, 2020, the Government of Canada announced additional measures to deliver much needed relief for small business owners by providing access to critical funds to keep Canadians employed and help manage short-term operational expenses.
The details around the eligibility criteria and enrollment are forthcoming within the next two to three days. Once details are released, if you have questions about your specific situation, we’d be happy to assist you.
In the meantime, the following are links to the CRA website which is being updated while details of the programs are worked out. You can monitor these for updates.
Two main releases that may affect businesses with employees is the increase of the wage subsidy to 75% of wages. The details of how this will be implemented should be released in the next two days. It appears that it will be retroactive to March 15th which may change decisions that were made to lay off employees and instead have the government cover a substantial portion of salary expense. The specifics should be released shortly.
There is also a $40,000 interest free loan for small businesses who had salaries in excess of $50,000 in 2019. More details of this will also be released.
We know that there are a lot of unanswered questions, and time is of the essence for you. Please rest assured that we are monitoring the situation closely to understand and work through the details as quickly as we can to provide answers to our clients. We’ll continue to communicate the updates as the situation evolves.
Stay well, be safe.
This publication has been carefully prepared; however, it was written in general terms and should not be seen as legal or tax advice. This publication should not take the place of professional advice specific to your own family circumstance. GGT Chartered Professional Accountants, its partners and employees do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken based on a decision made in relation to the concepts discussed in this publication.