Commercial Rent Assistance & Emergency Wage Subsidy
- KD Wray
- Apr 22, 2020
- 2 min read
CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE (CECRA)
APRIL 22, 2020
The Federal government in partnership with the provincial and territorial governments plan to launch a support program for small businesses. The Prime Minister first announced the program in his press conference on April 16th, 2020.
Here are the details that are posted at www.canada.ca
• Provide loans and/or forgivable loans to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (this will be retroactive), May and June
CANADA EMERGENCY WAGE SUBSIDY (CEWS)
APRIL 22, 2020
• Application for the program is to be available on the CRA My Business Account on Monday, April 27th, 2020
• Funds are expected to flow in the first week of May 2020
• An eligibility checklist and subsidy calculator are now available on the Government of Canada site to assist with preparing for the application and estimating the applicant’s subsidy
• The applicant will need to spend some time pulling together the information for their application, the checklist \ calculator will assist the applicant
• You will need to provide a full list of your employees and their SIN numbers
• There are three scenarios that an applicant should review
• There is an Excel spreadsheet to download to organize your data
• The data is then entered into the calculator on the website
• The 100% refund for CPP/EI employer-paid amounts are also entered into this application if that program is applicable to the applicant, this increases the CEWS
• If the applicant has participated in the 10% Temporary Wage Subsidy that data is entered into the calculator, this reduces the CEWS
• Confirm that your CRA My Business Account is active or apply
• There will also be an alternative online web application which requires an access code
Note that the penalty for incorrect and fraudulent claims will require the repayment of the subsidy plus fines where applicable. Penalties are applicable at a rate of 25% if the applicant artificially reduced their revenue for the purpose of claiming the wage subsidy. This is specially mentioned on the website.
Comments