If you are a Canadian employer who has experienced a decrease in revenue due to the ongoing COVID-19 pandemic, you may be eligible for the Canadian Emergency Wage Subsidy (CEWS). CEWS was designed to help you cover some of your employee wages, retroactive to March 15. The subsidy is also intended to enable you to re-hire workers, prevent job losses and facilitate more normal business operations. Read on to learn more about CEWS and get answers to some of the most frequently asked questions.
What You Need to Know about CEWS
Good news for eligible employers – the CEWS has been extended to June 2021. Here are a few important details you need to know about CEWS:
- The first thing you need to do is find out if you’re eligible to apply. You must meet all 3 of the following criteria in order to confirm your status and start making claims.
- Each claim period is 4 weeks long and begins on Sundays. The program does not renew automatically so you will have to reapply for each period that you qualify for.
- You will need to know which of your employees are included in your calculation and how much their pay was. Eligible employees include individuals who were employed by you throughout the claim period.
- Before applying for CEWS, calculate your subsidy amount.
- Once you’ve completed the above-mentioned steps, you can apply for the subsidy. If your application is successful, you can expect your payment between 3-8 days if you are registered for direct deposit.
Stay in Compliance with Help from the Bookkeeping Experts at Tandembooks Inc.
At Tandembooks Inc. we provide comprehensive services to help you stay compliant with the latest government regulations. We offer a number of bookkeeping services in addition to business start-up, law firm bookkeeping and payroll solutions. Our team of small business bookkeeping consultants are up to date on all the latest protocols, as well as any other changes that may affect you and your employees. We are committed to managing all your financials so you can focus on rebuilding your business.
If you are looking for reliable bookkeeping services for your small business, contact our experienced team of consultants who are here to help you stay on top of your finances and keep you in compliance with any government regulations. Give us a call at 613-800-8822 or fill out our online contact form for more information.