CME: $71B Canada Emergency Wage Subsidy a life-line for businesses amidst COVID-19 crisis
OTTAWA (APRIL 1, 2020) – CME welcomes the federal government’s historic $71 billion investment in the new Canada Emergency Wage Subsidy. “This measure is critical to help businesses of all sizes keep Canadians on their payroll and working throughout the COVID-19 crisis, said Dennis Darby, President & CEO of Canadian Manufacturers & Exporters. “Manufacturers thank the government for adopting our recommendation to implement wage subsidies for businesses of all size to keep Canadians employed.”
The Canada Emergency Wage Subsidy will apply to businesses that have seen a 30% decrease in gross revenues compared to the same month last year, regardless of number of employees, and cover 75% of salaries up to $847/week per employee. “Manufacturing will be critical to Canada’s success in overcoming the COVID-19 crisis. This measure will help the industry.” added Darby. “It will also enable to economy to rebound faster once the crisis is over.”
Stated Darby, “we call on government to make this critical program accessible as soon as possible. This measure is a lifeline for many businesses and many of them might not make it through a 6-week wait period. Support is needed now.”
ABOUT CANADIAN MANUFACTURERS & EXPORTERS
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.