Canada cancelling wage subsidy, announces $7.4B in new COVID-19 supports
Global News
Deputy Prime Minister Chrystia Freeland announced several new COVID-19 business supports programs that will replace current benefits in place that expire on Saturday.
The federal government is spending $7.4 billion to extend and create new COVID-19 supports for hard-hit businesses and workers that will carrying into the spring.
Deputy Prime Minister Chrystia Freeland said on Thursday that as of Sunday, new measures will be put in place to replace the broad Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS), which expire on Saturday.
The new Hardest Hit Business Recovery Program, Lockdown Support Program and the Canada Worker Lockdown Benefit will start on Sunday and run until May 7, 2022, Freeland said.
“Today, our support needs to be more narrow, more targeted and less expensive,” she said. “Moving from broad-based support that was appropriate at the height of lockdowns to more targeted measures that will provide help where it is needed.”
As part of the Hardest Hit Business Recovery Program eligibility will be a two-key system, Freeland said. First, the government will consider whether an employer has faced significant revenue loss over the course of 12 months during the pandemic. The second key is revenue loss in the current month of application.
Also, the Lockdown Support Program has been created in case the pandemic requires further local lockdowns in parts of the country.
For those businesses that face lockdowns, the federal government will make the wage and rent subsidy available up to the maximum amount for the duration of the shutdown.
Like the Canada Emergency Response Benefit, the new Canada Worker Lockdown Benefit would provide $300 a week to workers who are subject to a lockdown, including those ineligible for employment insurance.
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