Businesses hoping to apply for Canada香蕉视频直播檚 75 per cent wage will have to wait several weeks to get that money, according to Finance Minister Bill Morneau.
Morneau unveiled more details about the wage subsidy that Prime Minister Justin Trudeau has announced, and then updated, in recent days.
The wage subsidy will provide 75 per cent of each employee香蕉视频直播檚 salary for business 香蕉视频直播� of any size 香蕉视频直播� that has lost at least 30 per cent of its gross revenue since this time last year due to COVID-19. Companies will have to reapply every month and Morneau said there will be 香蕉视频直播渟evere香蕉视频直播� consequences for anyone who tries to take advantage of the system.
The subsidy will apply to the first $58,700 of each employee香蕉视频直播檚 salary and provide up to $847 a week per employee for up to 12 weeks, with a possible extension if the crisis continues. The money is available to companies of all sizes, as well as charities and non-profits, and will be retroactive to March 15.
香蕉视频直播淔unds will be available in approximately six weeks,香蕉视频直播� the finance minister said Wednesday.
Businesses will be able to apply through a Canada Revenue Agency portal 香蕉视频直播渟oon,香蕉视频直播� Morneau said, and money is supposed to begin flowing in six weeks. For businesses that cannot show revenue from the previous year, the previous month香蕉视频直播檚 revenue may be an option. Companies that are signed up for CRA direct deposit will receive funds faster.
Companies will be required to 香蕉视频直播渟how what the pre-crisis income was of an employee and show that they香蕉视频直播檙e paying that employee an amount up to $847 and then they will get that money returned to them from the Canada Revenue Agency.香蕉视频直播�
Morneau urged businesses to rehire workers and to top up the extra 25 per cent not being provided by the wage subsidy.
香蕉视频直播淚 know in the cases they can afford to pay their workers, they will do that,香蕉视频直播� he said. 香蕉视频直播淲e need to get through this intact.香蕉视频直播�
The point of the wage subsidy is to get employers to keep workers on the payroll, hopefully leading to a faster economic recovery, the finance minister said. It will not be available to those who receive the Canadian Emergency Response Benefit, which is for workers who remain laid-off, or are self-employed and have no income due to COVID-19.
The wage subsidy is expected to cost $71 billion. The CERB, which provides $2,000 to workers who香蕉视频直播檝e lost their jobs as a result of COVID-19, will cost an additional $24 billion. Altogether, Morneau said these direct measures will cost around $105 billion.
香蕉视频直播淎s a result of this香蕉视频直播� the deficit will go up,香蕉视频直播� Morneau said, noting this equals to about five per cent of the country香蕉视频直播檚 GDP.
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