Revamped coronavirus wage subsidy program could help more companies, industry says
Employers are entering information about their company’s situation to get an estimate of the subsidy they can expect to receive as they struggle to cope with the effects of the COVID-19 pandemic.
The Canada Revenue Agency says knowing the amount will help businesses make informed decisions about whether to retain or rehire workers. A series of information sessions will be held in the coming weeks.
Coronavirus: Canada to extend emergency wage subsidy program until December
Improvements to the program include expanding the eligibility criteria, introducing a rolling drop in earnings test to determine the grant amount, and a top-up grant for worst-affected employers.
Employers can expect to receive their payment within three to five business days of request if they are enrolled in direct deposit to their payroll account.
[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]
“Canada’s Emergency Wage Subsidy has enabled employers across the country to retain or rehire millions of Canadians. The enhanced SCAR program launched today has been redesigned to be more flexible and support a wider range of employers, ”said National Revenue Minister Diane Lebouthillier.
Finance Minister Reveals Changes to COVID-19 Wage Subsidy Program
The program has provided $ 26.58 billion in grants to more than 275,000 employers.
Show link »
© 2020 The Canadian Press