Happy coming Canada Day! I hope you have some plans to enjoy it even though it is in the middle of the week.
I wanted to take this opportunity to update you on some of the emergency funding programs.
Canada Emergency Wage Subsidy (CEWS)
The program has been extended for three more months until August 29, 2020. To qualify for the next subsidy period (June 7 to July 4, 2020), your business must demonstrate a revenue reduction of at least 30% in June 2020 compared to June 2019 or the average of January and February 2020. Eligibility criteria for future periods will be clarified later. The program will still provide 75% of the monthly payroll to qualified companies up to a maximum of $847 per week per employee.
Canada Emergency Business Account (CEBA)
Eligibility criteria to get this $40,000 interest-free loan have been changed. To qualify for the loan, your payroll expenses in 2019 must be at least $20,000. 25% of the loan amount is still forgivable as long as you meet all criteria and use the loan to pay for non-deferrable expenses.
Regional Opportunities Investment Tax Credit (ROITC)
This 10% refundable Corporate Income Tax credit was introduced to provide tax relief to businesses that build, renovate or purchase eligible commercial and industrial buildings in regions of the province where employment growth has been significantly lagging the provincial average.