Fact Sheet

Government help for small business owners

CANADA EMERGENCY WAGE SUBSIDY

(My business portal expected to be open to apply Monday, April 27, 2020)

• Covers 75% of employees’ pre—crisis wages, up to $847
  per employee per week For up to 12 weeks, backdated to
  March 15
• Employers must apply each month
• To be eligible, employers must attest to a 15% decline in
  revenue For March 2020 and a 30% decline in revenue For
  each of April and May 2020 compared to either the same
  month in 2019 or to the average revenue from January and
  February 2020
• Employers must attest that they are doing everything they
  can to pay the remaining 25% of employees’ income
• Apply online through CRA My Business portal available April 27, 2020
• Funds will be available in approximately 3 weeks

CEWS – How to Apply

TEMPORARY WAGE SUBSIDY FOR SMALL AND MEDIUM EMPLOYERS

• Covers up to 10% of employee wages From March 18 to June 19, 2020, up to $1,375 For
  each eligible employee and to a maximum of $25,000 total per employer
• Available to Canadian—controlled private corporations with less than $15 million in
  taxable capital employed in Canada For the preceding taxation year, calculated on an
  associated group basis
• Eligible employers may take advantage of subsidy by keeping applicable amount of
  employee income tax deductions (not EI or CPP) rather than remitting them
• If employer is eligible For both 10% and 75% subsidy, the amount the employer receives
  From the 10% subsidy will reduce the amount the employer is otherwise eligible to
  receive From the 75% subsidy (ie. employers cannot take both subsidies)

CANADA EMERGENCY BUSINESS ACCOUNT 

Apply through financial institution: (please contact your bank)

• Available to Canadian employers with $20,000 to $1.5 million
  in total payroll in 2019, and operating as of March 1, 2020
• Under CEBA, financial institutions will be able to provide
  interest—free credit Facilities of up to $40,000 to eligible
  businesses
• If the loan is repaid by December 31, 2022, 25 per cent (up to
  $10,000) will be Forgiven
• If the loan is not repaid by December 31, 2022, the remaining
  balance will be converted to a three—year term loan at 5% interest
• Consult with your financial institution for further details and
  to apply

OTHER FINANCIAL SUPPORT

• Deferral of income tax payment deadline until end
  August 2020
• Deferral of sales tax remittance and customs duty
  payments until June 30,2020
• Deferred local and other provincial taxes and
  levies — consult applicable province’s COVID—1 9
  information page