Relief for Business

Relief for Business

*As of January 22, 2021

Wage Subsidies

Payroll

What?

How much is it worth?

Application process

10% Temporary Wage Subsidy.
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This subsidy is a 3-month measure targeting employers that are small businesses (including incorporated and unincorporated businesses), non-profit organizations and registered charities. Eligible employers will receive a wage subsidy accessible by reducing remittances of income taxes withheld as source deductions from their employees' remuneration

The subsidy is equal to 10% of the remuneration paid from March 18 to June 19, 2020, capped at the lesser of $1,375 x the number of eligible employees and $25,000.

No need to apply - the employer calculates the subsidy when they remit payroll to CRA. Call Bevan and Partners for more information.

75% Canada Emergency Wage Subsidy (CEWS)
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The subsiday will cover up to 75% of employee's wages for employers who have seen a drop in revenue due to COVID-19. The program is intended to help employers keep existing staff or rehire laid off workers. This program runs until June 2021.

The program will cover up to 65% of an employee's wages for employers who qualify for the progam.

Application can be done through CRA My Business Account, through the CRA Web Forms Application using the web access code (WAC) or call Bevan and Partners for help with the application process.

Employment Insurance Work-sharing Program
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This existing program provides EI benefits to workers who agree to reduce their normal working hours as a result of developments beyond the control of their employers.

Reduce payroll costs by 10% to 60%.

Application required prior to commencing participation. Details online. Just click here.

Loans

Loans

Description

How much is it worth?

Application Process

Canada Emergency Business Account (CEBA)
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Interest-free loans to small businesses and not-for-profits to help cover their non-deferrable operating costs including wages, taxes, rent, utilities, loans and insurance during a period where their revenues have been temporarily reduced. To qualify, organizations will need to have paid between $20,000 and $1.5 million in total payroll in the 2019 calendar year, OR with business with $20,000 or less in payroll for the 2019 calendar year, they can apply if they have eligible non-deferrable expenses between $40,000 and $1,500,000.

Up to $60,000 loans. 33% of the loan will be forgiven where it is repaid by December 31, 2022.

Applications are through your lending institution. Contact Bevan and Partners for more information.