COVID 19 UPDATE on CERB and Temporary Wage Subsidy
Canada Emergency Response Benefit (CERB)
Getting ready to access the CERB
You can apply for the Canada Emergency Response Benefit online on and after April 6, 2020. You can get a head start by setting up your CRA My Account as soon as possible. When you set up your account and if you sign up for direct deposit you will receive your benefit more quickly.
Here is the link for you to apply for CRA My Account.
After you have set up your account, you will return to the site based on the schedule below. To help with the large amount of traffic CRA is asking you to apply in the following order
- Jan – March Apply April 6
- April – June Apply on April 7
- July – Sept Apply on April 8
- Oct – Dec Apply on April 9
Temporary wage subsidy
The wage subsidy will be available to any employer if their revenue has decreased by 30 percent as a result of the COVID-19 pandemic, that business will be eligible for the wage subsidy. The federal government has said that it will cover 75 percent of the first $58,700 of income earned, which works out to $847 per week. This subsidy will be retroactive to March 15, 2020. The Prime Minister also advised that the wage subsidy will apply to all non-profit organizations, charities, and companies of all sizes. We anticipate that partnerships and sole proprietors will also be eligible based on Bill C-13 even though the Prime Minister did not mention these employers specifically. More substantive details are expected to be announced at a later date.
Thanks for ALL the great information you've been posting, Rai! I see the Federal Gov't making gestures such of deferrals of payment and interest free loans (interest free only until the end of 2020) but all the signs point in the direction of Covid-19 staying around for quite some time. This means it could take a couple of years before the economy can really start powering up and rebuilding itself. How will short term deferrals of payments help small business owners? We won't last that long. Any thoughts?