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Canada passed $52 billion relief package so businesses can pay workers - Business Insider

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Canada passed a $52 billion relief package to help businesses pay up to 75% of employees’ wages

. According to the report, the program will cost some C$73 billion, which is about $52 billion USD.

CEWS will cover up to 75% of the first $58,700 earned by an employee for up to three months. Canadian businesses will be able to receive up to C$847 each week — about $607 USD — per employee to help supplement each employee's wages. The funds would be sent to businesses within a span of two to five weeks. Businesses can receive funding for up to 12 weeks as long as they can prove they have suffered losses due to COVID-19.

To be eligible to apply for the relief funding, businesses must be able to prove at least a 15% drop in revenue in either March, April, or May 2020 compared with the business' earnings in the same months in 2019 or in the first two months of 2020. Businesses that are found to have lied about or inflated losses in their earnings will be subject to a fine equal to 25% of the aid they've received as part of the relief package. In order to release the funds, an organization will have to show that it has paid its employees, Business in Vancouver reported.

 

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