We have been receiving emails and calls about what Canadian government support programs you can apply for. I am summarizing below in brief the new options available for some common situations.  This is meant to help explain the differences between the new CERB and wage subsidy. The new CERB is for individual workers (employees or self-employed). The wage subsidy is for businesses who continue to pay employees after March 15 (see conditions below).

Unfortunately for those individual shareholders who have been receiving dividend income only, they will not be eligible for the new CERB.

INDIVIDUAL EMPLOYEES NOT WORKING DUE TO COVID-19
You can apply for the new Canada Emergency Response Benefit (CERB) if

• You have not applied for EI benefit
• At least 15 years of age
• Resident of Canada
• Earned at least $5,000 in employment and self employment income  (including maternity/paternal benefit or EI benefit) for 2019 or in the 12 months preceding the day on which you make an application for CERB
• Not earning the types of income mentioned above for at least 14 consecutive days within each four-week cycle for the application

SELF-EMPLOYED INDIVIDUALS NOT WORKING DUE TO COVID-19

You can apply for the new Canada Emergency Response Benefit (CERB) if

• You have not applied for EI benefit
• At least 15 years of age
• Resident of Canada
• Earned at least $5,000 in employment and self employment income  (including maternity/paternal benefit or EI benefit) for 2019 or in the 12 months preceding the day on which you make an application for CERB
• Not earning the types of income mentioned above for at least 14 consecutive days within each four-week cycle for the application

BUSINESSES STILL PAYING WAGES- 75% WAGE SUBSIDY RETROACTIVE TO MARCH 15, 2020

To qualify for the subsidy:

• Business must have reduced revenue by at least 30%
• More details to be announced tomorrow

NEW LOAN PROGRAMS FOR BUSINESSES UP TO $40,000 INTEREST FREE FOR THE FIRST YEAR AND POTENTIAL FORGIVENSS OF 25% UNDER CERTAIN CONDITIONS

• Business paid between $50,000 to $1 million in total payroll in 2019
• Loan from the banks to be guaranteed by the government