Covid-19

1) 

Measure: Canada Emergency Wage Subsidy

Eligibility: employers who saw a 15% drop in revenue in March and a 30% drop in revenue in April and May.

Description: Government will subsidize 75% of employee wages to a maximum of $847 per week per employee. No cap on how much an employer can receive. Employers are expected to make their best effort to top-up employees' salaries to bring them to pre-crisis levels. The top-up is not mandatory, though.

2)

Measure: Temporary Wage Subsidy for Employers

Eligibility: Charities, nonprofits, Canadian controlled private corporations eligible for smallbusiness deduction

Description: Up to 10% of payroll costs incurred between March 18 and June 19. Maximum claim of $1375 for each employee. Maximum claim of $25,000 per employer. Employer calculates the subsidy, subtracts from the personal income taxes it remits to the federal government on behalf of employees.

3)

Measure: Business Credit / Canada Emergency Business Account

Eligibility: Incorporated entities with total 2019 payrolls between $20,000 and $1.5 million

Organizations must have filed either a T3010 (for registered charities) or a T2 (for nonprofitcorporations)

Organizations need to derive part of their revenue from the sale of goods or services.

Description: Interest-free loans of up to $40,000.

25% of the loan will be forgiven if the loan is repaid by December 31, 2022.

Loans are arranged through organizations’ regular financial institutions.

4)

Measure: Canada Emergency Commercial Rent Assistance

Eligibility: Small businesses, including nonprofits and charities

Description: This program will lower rent by 75% for small businesses that have been affected by COVID-19 (needs to be applied by property owner)

 

We are here to help you and will aid you in filing for government grants and subsidies. This document will be regularly updated as the federal government announces new measures that will impact the small businesses, charitable and nonprofit sector