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How can the federal wage subsidy program help your business?

Unknown-3For those in the convenience, gas and car wash industry who are struggling or worried about keeping staff on board during the COVID-19 crisis, the  Federal Government is outlining new measures to help operators stay in business and support staff.
“I would suggest that convenience store operators and regional chains prepare to take advantage of this wage subsidy as it will allow us to keep employees in every community,” Dave Bryans, CEO if the Ontario Convenience Stores Association, said in an email to members.
On Monday, Prime Minister Justin Trudeau outlined more details regarding the previously announced Canada Emergency Wage Subsidy program, which is to provide an up to 75% wage subsidy for qualifying businesses for up to three months, retroactive to March 15, 2020. This goal is to help businesses to keep and return workers to the payroll.
Note:
  • If your revenues have decreased by 30% you will be eligible for this subsidy

  • The number of employees will not determine your eligibility

  • This subsidy applies to not-for-profit organizations and charities, as well as companies big and small

  • The government will subsidize 75% an individual’s salary on the first $58,700 earned, which will mean up to $847/week.

Businesses are being asked to do everything they can to retain employees in the wake of closures and mass layoffs across the country. In addition, operators are encouraged to pay staff full and fair wages whenever possible.

“We are trusting you to do the right thing. If you have the means to pay the remaining 25% that’s not covered by the subsidy, please do so,” said Trudeau. “And if you think this is a system you think you can take advantage of or game. Don’t. There will be serious consequences for those who do.”

The unprecedented situation calls for unprecedented action and good faith and trust. For a comprehensive list of what the Federal Government is doing to support business owners, click here.