COVID-19: CEWS and CEBA Programs
Canada Emergency Wage Subsidy(CEWS)
As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020. This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.
You can apply for this program beginning April 27, 2020.
Canada Emergency Business Account (CEBA)
CEBA consists of a $40,000 loan (interest free) that is available to small businesses and non-profit organizations. In order to qualify for this loan you must have paid between $20,000 and $1.5 million in payroll in 2019, as per the 2019 T4 Summary Page. If this loan is repaid by December 31, 2022, then 25% of it will be forgivable, up to $10,000. You must apply at the financial institution at which is your primary institution (with a business account). One you are approved, it is estimated that the funds will be received within five day. Apply on-line with your financial institution. Smaller institutions may have a different process, in which case, you will need to contact them directly.