September 14, 2020

Updates on the Canada Emergency Wage Subsidy and Canada Emergency Business Account

The Canada Emergency Wage Subsidy (CEWS) currently has a deadline of Jan 31, 2021 to apply for ALL periods.  CEWS formulas are now based on actual revenue each month which […]

The Canada Emergency Wage Subsidy (CEWS) currently has a deadline of Jan 31, 2021 to apply for ALL periods.  CEWS formulas are now based on actual revenue each month which may, for the last period which is based on November results, make the January 31 deadline hard to meet – especially if you haven’t completed prior periods yet.  Catalyst encourages you to start your application now for past periods (March to current) so that you have plenty of time to meet that deadline and also to get the subsidy funds in your hands sooner.

Reminder of what it is: A wage subsidy program offered by the Federal government to qualifying employers. The main purpose of the CEWS is for employers to keep employees on payroll during COVID-19.

We’re available to help!  Currently we’ve set an internal deadline of Jan 7, 2021 to assist clients that haven’t yet started the CEWS application. That means if you need Catalyst’s assistance with CEWS and you haven’t reached out to us previously, Jan 7 is the last day to get us your information for periods 1-9 ( March to November) so that we can help you maximize your claim.

If we are already assisting you with CEWS then we’ll be in touch with you to complete your applications before the deadline.

To learn more about the Canada Emergency Wage Subsidy click here.

The Canada Emergency Business Account (CEBA) application deadline has been extended to October 31, 2020. The federal government is also working to expand the eligibility criteria to include businesses that operate through a personal bank account. More details are expected on this soon.

Reminder of what it is: Through financial institutions, this program provides interest-free loans of up to $40,000 to help cover operating costs such as rent, wages, and expenses for small businesses. If the loan is repaid by December 2022, the government will forgive up to 25 per cent.

To learn more about Canada Emergency Business Account click here.

As always, if you have any questions please reach out to your trusted Catalyst Advisor or to inquire@thecatalystgroup.ca