Clarifications and Details Regarding the 75% Wage Subsidy

Today’s ( March 30th, 2020)Update Clarifications and Details Regarding the 75% Wage Subsidy 

1. Qualifying for the 75% wage subsidy will be a revenue-based test. It will apply to businesses who can show that revenue has dropped 30% or more as a result of COVID-19.
2. Number of employees is not relevant. All companies will qualify (large and small), including not-for-profits and charities.
3. 75% is calculated based on a maximum annual salary per employee of $58,700; ($847 per week, per employee).
4. Serious consequences will ensue for businesses who  use this to “game the system”.
5. Employers are encouraged to re-hire people who have been laid off due to Covid-19, and to top up the remaining 25% of payroll.
6. Questions to still be answered:

1. Does the 10% wage subsidy still apply to businesses who’s revenue has not dropped by 30%?
2. How do businesses measure/prove that revenue has dropped by 30%? Over what period of time does the drop need to be measured (ie. over the fiscal period, or over March-May? How is this to be assessed and when?
3. If business revenue bounces back during the current fiscal period, and over the course of the fiscal period revenue does not drop 30%, will the subsidy need to be paid back?
4. How do businesses access this subsidy?