March 27, 2020by Israel Foulon LLP
Since our March 25, 2020 E-Bulletin, there have been further important announcements of which employers should be aware (a few key details are listed below):
- The Federal government has announced that the previously announced wage subsidy for small and medium-sized businesses affected by the COVID-19 pandemic is increasing from 10 percent of total remuneration (up to a maximum of $1,375 per worker and $25,000 per employer) to 75 percent for up to three months. The wage subsidy will be backdated to March 15, 2020. It is unclear at this time whether the subsidy will still have a capped amount or an end date. Eligibility criteria is currently unclear. Further details are expected to be announced on Monday, March 30, 2020
- The federal government also announced it will be offering a new Canada Emergency Business Account to provide loans of up to $40,000 to small and medium-sized businesses, guaranteed by the government, interest-free for the first year — with up to $10,000 forgivable on the condition that the balance of the loan is paid on or before Dec. 31, 2022. To qualify, organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. More details are expected in the coming days.
Given the exceptional and unprecedented situation, we expect further developments in the coming hours and days.
Israel Foulon’s Response to COVID-19
Israel Foulon is assessing the situation as it evolves, and is taking all necessary precautions within its workplace. However, please be aware that our offices remain open and are fully functioning. In the circumstances, we encourage our clients to contact us by phone and email to the extent possible. Voicemail messages left at our office phone numbers are immediately forwarded via email. All messages will be promptly responded to. We remain steadfast in our commitment to our clients and would be more than happy to assist you with concerns regarding COVID-19 or any other employment or labour matters.