Wage Subsidy Extension

Parliament Building

CBJ — With still such a long way to go for many companies to attempt to gain lost traction due the COIVD-19 pandemic, the federal government has announced the 75% wage subsidy for businesses will be extended by three months to the end of August.

The subsidy is on the first $58,700 of an employee’s salary, to a maximum payment of $847 a week per employee. The subsidy was initially put in place for 12 weeks, retroactive to March 15, but it has become apparent an extension is definitely required. The extension has now been pushed to August 29.

The financial support is aimed at having as many companies as possible keep their employees on the job rather than the unemployment line.

There will also be an expansion of eligibility for financial aid with $450 million being earmarked towards temporary wage assistance for medical researchers whose work is unrelated to COVID-19 but has been impacted by the pandemic.

For the past two months Canada has lost the most jobs since the Great Depression, which started in 1929 and essentially lasted a decade.

@CanBizJournal

 

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