We hope this message finds you in good health.
In recent weeks, we brought to your attention about five Government Assistance Programs.
EI & CERB seems to be working well by now. Most of the eligible employers have started receiving these funds. CERB now allows you to earn some additional income to complement your $500 benefit.
The CEBA & TWS also seem working well. Most of the eligible employers have started receiving these funds.
Employers can start applying for 75% Canada Emergency Wage Subsidy (CEWS) starting today. Some of you may recall the employees you laid off earlier. If you now give them less hours than you gave in Pre-COVID time, the subsidy may work out to 100% of what you pay. Corporate owners on payroll may qualify.
Also coming on board is a new program, Canada Emergency Commercial Rent Assistance (CECRA). This will help tenants pay 75% of their rent for 3 months. The key eligibility criterion is that your revenue must have declined at least 70% from the Pre-COVID-19 levels. And those levels should be less than $50,000 per month. Government covers for the 50% of the rent; landlord takes 25% less and you pay 25% of your rent.
Should you need our help to follow up on any of these programs, please do contact us.
Teji Singh, Manager
H&T Accounting Service