The federal wage subsidy legislation
received
Royal assent at 6:30 pm Saturday, after clearing the House of Commons and Senate earlier in the day.
The Canada Emergency Wage Subsidy will cover 75% of an employee's wages up to $58,700 for the next three months. The federal government hopes this will allow employers to hang on to staff until the crisis is over.
Employers need to reapply every month for the subsidy, and will have to show that their business has lost 15% of revenue in March and 30% of revenue due to the pandemic.
On Saturday, federal Finance Minister Bill Morneau
said he's hopeful the Canada Revenue Agency will be able to send the subsidy to employers in two weeks.
Federal relief for agriculture
On Monday, the federal government also
announced a $50 million fund for farmers.
The money will help farmers ensure temporary foreign workers abide by a mandatory two-week quarantine after they arrive in Canada.
Employers will receive $1,500 per foreign worker and must provide accommodation and pay during the 14-day period.
Applications open for loan program
The
Canadian Emergency Business Account is now available at various financial institutions and credit unions. Eligible businesses can receive up to $40,000 in interest free loans through the program. If the loan is repaid by Dec. 31, 2022, up to $10,000 will be forgiven.
Check out
BizNews on Wednesday for the latest on government assistance programs, and an update on The Chamber's advocacy efforts including commercial rent relief.
