New Canadian Emergency Wage Subsidy (CEWS) calculator for businesses from the Canada Revenue Agency (CRA)
The federal government implemented a new CEWS program to help employers keep and return workers to their payroll through the challenges posed by the COVID-19 pandemic.
CEWS is meant to provide a 75 percent wage subsidy to eligible employers for up to 12 weeks (retroactive to March 15, 2020).
On April 8, the program’s eligibility requirements were updated so employers only need to show they have experienced a 15 percent reduction in revenue in March 2020 in order to claim the subsidy (instead of a 30 percent reduction when the program was initially announced in March).
The CRA has also released a new CEWS calculator to help businesses determine how much they could potentially claim under the program. Applications will be accepted starting on Monday, April 27 and businesses can claim up to $847/week for each employee (retroactive to March 15, 2020) to help employers keep staff employed.
If you would like to apply for the CEWS, you will be asked to disclose the number of eligible employees and gross payroll. To help you prepare your application, you can determine these amounts and preview your potential subsidy claim now. The calculator is intended to be a tool to help you estimate the amount of your wage subsidy.
New BC Business COVID-19 Support Service
Small Business BC (SBBC) established a new BC Business COVID-19 Support Service website and a one-on-one support network on April 16 to help businesses in BC looking for information on provincial and federal government assistance during the COVID-19 pandemic. The SBBC is a non-profit organization that is well-known and respected by some members of the business community. The service will be delivered in partnership with the provincial and federal governments.
The website has:
- updates and FAQs about support programs
- links to provincial and federal government COVID-19 resources
- a COVID-19 support directory prepared by the provincial government
- continuity (of business) checklist
- webinars for small businesses on handling cash flow, managing remote teams and staying resilient
- information on how businesses can help supply goods and services to government
- information on local businesses that are operating
- details on digital meetups with other members of the business community to share challenges and solutions and hear from industry experts
One-on-one support network for businesses via phone, email and chat:
Advisors are available Monday to Friday, from 8 am to 6 pm and on Saturdays from 10 am to 4 pm at 1-833-254-4357 (HELP). Questions can also be sent to covid@smallbusinessbc.ca or raised in a live chat on SBBC’s dedicated COVID-19 business support website. The one-on-one support is available in multiple languages and includes a call-back feature when call volumes are high.
For more information about the program, click here
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Information from Fraser Valley Real Estate Board (FVREB)
