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IMPORTANT NOTICE

Attention: Wexford Heights BIA Business MembersIn light of the ongoing COVID-19 Pandemic crisis, it was the decision of the Wexford Heights BIA’s Board of Management to cancel this year`s Taste of Lawrence Festival. The event to resume in July 2021.
The health and safety of all concerned is the upmost importance to the Wexford Heights BIA as we all do our best to get through this crisis together.

Monday, 13 April 2020 07:38

Federal Update

The following update is from the head of TABIA, John Kiru:

 

Please find following a summery of todays announcement from the Federal government regarding the CEWS program.

Please make sure you open the Backgrounder for more details which is a link at the end of the main section of the announcement.

Today, we provided further details on the eligibility criteria for businesses to access the Canada Emergency Wage Subsidy (CEWS).

The proposed CEWS would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week, per employee. The program would be in place for a 12-week period, from March 15 to June 6, 2020. Employers of all sizes and across all sectors of the economy would be eligible, with certain exceptions including public sector entities. An eligible employer’s entitlement to this wage subsidy will be based entirely on the salary or wages actually paid to employees. All employers would be expected to make best efforts to bring employees’ wages to their pre-crisis levels.

As well, the Government is proposing that employers eligible for the CEWS be entitled to receive a 100-per-cent refund for certain employer-paid contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan, and the Quebec Parental Insurance Plan. This refund would apply to the entire amount of employer-paid contributions in respect of remuneration paid to furloughed employees in a period where the employer is eligible for the CEWS. 

In order to address the realities faced by the not-for-profit sector, high growth companies and new businesses, the Government proposes the following additional flexibility:

  • To measure their revenue loss, it is proposed that all employers have the flexibility to compare their revenue of March, April and May 2020 to that of the same month of 2019, or to an average of their revenue earned in January and February 2020.
  • For March, the Government proposes to make the CEWS more accessible than originally announced by reducing the 30-per-cent benchmark to 15 per cent, in recognition of the fact that many businesses did not begin to be affected by the crisis until partway through the month.
  • In recognition that the time between when revenue is earned and when it is paid could be highly variable in certain sectors of the economy, it is proposed that employers be allowed to measure revenues either on the basis of accrual accounting (as they are earned) or cash accounting (as they are received). Special rules would also be provided to address issues for corporate groups, non-arm’s length entities and joint ventures.
  • Registered charities and non-profit organizations would also be able to benefit from the additional flexibilities being provided to employers with respect to the revenue loss calculation. In addition, to recognize that different types of organizations are experiencing different types of funding pressures, it is proposed that charities and non-profit organizations be allowed to choose to include or exclude government funding in their revenues for the purpose of applying the revenue reduction test.

 

Backgrounder

The government will continue to carefully monitor all developments relating to the COVID-19 outbreak and will continue to take further action to protect Canadians and the economy.

 

WHERE TO START: 

Whether you are self-employed, a small business owner, or an entrepreneur – you shouldn’t have to worry about having to lose your business or your job. 

 

To get the help you need: 

  1. Visit our government’s COVID-19 Economic Response Plan website for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves. 
  2. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we’ve worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help.
  3. Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help prepare you business in the days and weeks to come.

 

 

REMINDERS:

 

To ensure you have the information you need to navigate through this uncertainty and to give you a space to ask questions about how our government can support your business, we continue to host regular conference calls. If you, or someone you know, would like to be included in these calls, please fill in this Google form with your name, email, and organization.

 

You can find live updates and information about Canada’s response to COVID-19 here: http://canada.ca/coronavirus/.

 

The Canadian Chamber of Commerce has established the Canadian Business Resilience Network (CBRN) in partnership with the Government of Canada to help the business community prepare, persevere and, ultimately, prosper in the face of the COVID-19 pandemic: www.cbrn.ca.

 

The Canada Border Service Agency’s Border Information Service (BIS) is now accessible 24/7. For the most up-to-date information related to cross border travel and business, please call 1-800-461-9999.

 

We will get through this by working together. If you are a Canadian manufacturer or business that can assist Canada in meeting the need for medical supplies, your help is needed. Please visit this website to learn more and submit a proposal.

 

Last modified on Monday, 13 April 2020 07:44