CJA Government Update- October 16, 2020

Canada Emergency Wage Subsidy (CEWS) extended the wage subsidy until June 2021

The Federal Government intends to introduce legislation that would implement the extended wage subsidy.

As such, the government will issue a technical backgrounder on the extended wage subsidy, including details on eligibility. For more information go to https://www.canada.ca/en/department-finance/news/2020/10/extending-the-canada-emergency-wage-subsidy.html 

For now, until November 21, 2020, eligible employers who had any drop in revenue can qualify for the wage subsidy. For more information go to https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-what-changes.html. 

Canada Emergency Business Account (CEBA) extension

CEBA has been extended to December 31, 2020, making the program accessible longer to Canadians. If you have already applied for CEBA and have questions, please contact the CEBA Call Centre at 1-888-324-4201 or go to  https://ceba-cuec.ca/ .  Originally launched on April 9, 2020, CEBA is intended to support businesses by providing financing for their expenses that cannot be avoided or deferred as they take steps to safely navigate a period of shutdown, thereby helping to position businesses for successful relaunch when the economy reopens. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).