CRA Opens Applications for Enhanced CEWS
It has been announced that CRA has enhanced the Canada Emergency Wage Subsidy. The CEWS has been extended to November 21, 2020. It has also increased eligibility for employers who have experienced a revenue drop. The amount of the subsidy will be based on the decrease in revenue during covid. Any drop in revenue can now qualify can now qualify for the wage subsidy.
Periods 5 to 9 July 5 to November 21, 2020.
Prior to the changes employer’s revenue drop needed to be 30% but now employers with less than a 30% drop can still qualify. Employers who were hardest hit over 3 months will get an increased amount.
Some of the other enhancements are:
Being able to include an employee who was unpaid for 14 days in your calculation of the CEWS.
The maximum base Subsidy rate is 60% in periods 5 and 6.
The maximum base subsidy rate will begin to decline in period 7 reducing to 20% in period 9.
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.htmlThe government of Canada is encouraging employers to take another look at the CEWS with the easier to qualify rules. The CRA CEWS webite provides an updated CEWS calculator to help employers calculate their subsidy based on the information provided.
Business owners can apply for period 5 of the CEWS through their My Business Account or through CRA’s Web Forms Application.
So far the CEWS has provided$26.5B in subsidies to more then 275,000 employers. The new enhancements will ensure that business owners have the right supports in place to help them through these tough economic times.
After Reading This Article, You can aslo Checkout Integrating Quickbooks & ReceiptBank
I’m a bookkeeping technology geek who has been in this industry for over 20 years. My specialty is helping small business streamline their workload with paperless business systems.
I have also worked as a purchaser and a controller for several businesses. Currently I am Advanced Certified in Quickbooks and a variety of accounting programs.