Trudeau announces businesses suffering revenue loss can qualify for 75% wage subsidy
Prime Minister Justin Trudeau updating Canadian on COVID-19 Monday morning. Photo credit to C-PAC livestream.
The Prime Minister has clarified details on the Canada Emergency Wage Subsidy.
Justin Trudeau says any company across the country, no matter the size and how many people they employ can be eligible if they have suffered a 30% decline in revenue. Non-profit organizations and charities will also be eligible.
Last week, Trudeau announced the federal government would cover 75% of company’s payrolls. Monday (Mar. 30) he clarified that represents up to the first $57,800 an employee earns which will be $847 per week into employee’s pockets.
The money will be backdated to March 15th, 2020.
Trudeau says they are working with Canada Revenue Agency (CRA) to roll the wage subsidy out to employers but the CRA’s main priority is processing applications for the Canada Emergency Relief Benefit.
Trudeau says the government is trusting businesses across the country to do the right thing, warning business not to take advantage it, don’t game the system and if you can afford to pay the remaining 25%, you should. He says, “Don’t take advantage, there will be serious consequences.”