How Is The Canadian Government Helping During The Pandemic?
The COVID-19 pandemic has affected us all in many ways. From businesses to individuals, everyone has incurred some or the other kind of financial consequence. Sadly, some have been affected much worse than others due to sudden lockdowns and the economic slowdown. To assist those suffering from significant financial struggles, the Canadian Government is offering businesses and individuals financial aid and relief.
Two of the primary subsidies that the Government is offering are:
a. Canada Emergency Wages Subsidy (CEWS) and
b. Canada Emergency Rent Subsidy (CERS)
CEWS is designed to support Canadian employers who have experienced a significant drop in revenue due to the pandemic. This subsidy will allow them to pay part of their employee’s wages until March 15. It will also enable employers to re-hire workers, prevent further job losses, and ease firms back into normal operations.
With the CERS subsidy, the Government aims to help Canadian businesses, non-profits, and charities suffering massive revenue losses due to COVID-19. Through this subsidy, organizations will be able to cover part of their commercial rent or property expenses until June 2021. The subsidy will provide payment amounts to the renters directly, without the need for landlord participation.
To apply for either of these government relief programs, businesses or organizations can reach out to Zak Accounting Professional Corporation. Our specialists have good knowledge of these subsidy programs and can efficiently help those establishments suffering financially apply for them.
Generally, all type of businesses which have been financially impacted by the pandemic of COVID-19 can apply for CEWS and CERS. However, they must meet a few requirements to be eligible. To see if a business is a suitable candidate and has been badly impacted during the COVID-19 lockdown, we will need to ask them a few questions. We will request some financial information to figure out their eligibility then some additional details may be needed for the online application.
There is a very reasonable cost for filing the applications for CEWS and CERS subsidies. We understand that those applying for these subsidies are already struggling, so we assure them of affordable fees. Before we commence with our services, we usually inform the client about the service cost and obtain their approval before starting the application.
If you’d like to learn more about CEWS and CERS subsidies, you can head to the Canadian Government website www.canada.ca for a full explanation and calculator to see how much you are likely to receive. You can also reach out to us at Zak Accounting Professional Corporation for more details by giving us a call at (613)222-0209.
We are professional accountants in Ottawa, ON, and are certified Management Accountants Members. We are all well trained and highly experienced in analyzing and preparing financial accounts for businesses and individuals. We are also well-versed with the different financial policies and programs available to businesses, organizations, and individuals.