The Finance Minister has detailed how businesses can apply for the Canadian Emergency Relief Benefit wage subsidy.
The subsidy will help employers with 75 per cent of their payroll expenses. Bill Morneau said any business or non-profit organization that has seen a 30-percent decline in gross revenue can apply through the Canadian Revenue Agency website. The determination of the 30-percent gross revenue loss will be compared to the same month in 2019. Companies can apply for March, April, and May but must reapply each month.
Morneau says the CERB will cost the federal government $71 billion.
He spoke directly to businesses and told them to prepare to hire back employees and pay the remaining 25-percent of wages to staff. He also warned businesses not to be “bad actors”. He said anyone caught fraudulently using the subsidy will be dealt with swiftly and with severe consequences.
The portal on the CRA for employers to apply should be live in three to six weeks.