The federal government will begin to accept applications for the wage subsidy Monday (April 27), as it rolled out a calculator for businesses to calculate how much they could receive.
The $73-billion wage subsidy will provide businesses with 75 per cent of each employee’s salary, up to $847 each week. It is available for businesses who have lost 15 per cent of gross revenue in March, and 30 per cent in the months following. The subsidy will be backdated to March 15 and is currently set to run for 12 weeks.
Prime Minister Justin Trudeau said Tuesday (April 21) that companies using tax havens will still be eligible for the wage subsidy, as the money goes to payroll and workers.
At a later press conference, Treasury Board president Jean-Yves Duclos said the government was trying to keep as many workers on the payroll as possible.
“Having the ability to retain staff and rehire people will put employers in the best possible position,” Duclos said.
He said the Canada Revenue Agency is expected to process 90 per cent of applications by May 5, with cheques and direct deposits coming to businesses shortly after.