The Government announced on May 15, 2020 that the Canada Emergency Wage Subsidy (“CEWS”) would be extended by an additional 12 weeks, to August 29, 2020.
On June 10, 2020, Finance Minister Bill Morneau announced via Twitter that potential adjustments to the CEWS program, including the 30% revenue decline threshold, would commence as of claim periods 5 (July 5 to August 1) and/or 6 (August 2 to August 29). More details to follow from Finance.
As a result of the Finance Minister’s announcement, claim period 4 (June 7 to July 4) under the CEWS program will follow the existing rules (i.e. 30% revenue decline for June 2020 compared to either June 2019 or the alternative benchmark and if a business qualifies for claim period 3 they will automatically qualify for claim period 4).
Also note that the CEWS portal has now been updated to accept amended applications for previously filed claims.
As we all try to stay safe, we need to remind ourselves business will get back to normal but in the meantime lets all do our part to get to normal as soon as we can. If you have any questions or require further information, don’t hesitate to reach out to us.