KLCA CHARTERED PROFESSIONAL ACCOUNTANTS
KLCA CHARTERED PROFESSIONAL ACCOUNTANTS
Oct 20, 2020
CANADA EMERGENCY WAGE SUBSIDY EXTENSION The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers. The subsidy would remain at the current subsidy rate of up to a maximum of 65% of eligible wages until December 19, 2020. This measure is part of the government’s commitment to create over 1 million jobs and restore employment to the level it was before the pandemic. CANADA EMERGENCY BUSINESS ACCOUNT An expanded Canada Emergency Business Account (CEBA), which would enable businesses, and not-for-profits eligible for CEBA loans—and that continue to be seriously impacted by the pandemic—to access an interest-free loan of up to $60,000 (originally $40,000) and $20,000 is forgivable if the $40,000 is repaid by December 31, 2022. Additionally, the application deadline for CEBA is being extended to December 31, 2020. An attestation of the impact of COVID-19 on the business will be required to access the additional financing.