In addition to the personal hardships caused by the coronavirus pandemic, there are a number of economic challenges that must be faced.
Many individuals and businesses are going through a difficult time right now. In addition to the personal hardships caused by the coronavirus pandemic, there are a number of economic challenges that must be faced. Fortunately, the government has implemented various policies to address the issues involved. These policies can be expected to evolve as the current situation changes. However, here’s an overview of how things stand at the moment.
ASSISTANCE TO INDIVIDUALS
Ontarians who are out of work may benefit from the following:
The Canada Emergency Response Benefit (CERB)
Employment Insurance (EI)
Those eligible for both CERB and EI can choose which benefit to apply for. If you make more than $54,200 a year, you’ll receive more money by collecting EI. If you make less than $54,200, however, you’ll receive more with the CERB.
CANADA EMERGENCY RESPONSE BENEFIT
The CERB delivers $2,000 every four weeks to those who lose their job as a result of the pandemic or who can’t work because they’re sick, quarantined, caring for a person with COVID-19 or looking after their children.
CERB will be available through the Canada Revenue Agency’s My Account portal as of April 6.
EI is available to people who have lost their job and to those who can’t work because they’re sick or quarantined. It can also be claimed by individuals whose weekly earnings have decreased by 40% or more. In order to be eligible for EI, a person needs to have worked a minimum of 600 hours in the year before the claim.
EI pays 55% of a person’s insured earnings up to $2,292 a month. You can apply for EI benefits on the Employment Insurance page located on the Government of Canada’s website.
Ontarians now have job-protected leave if they’re isolating, in quarantine or need to be at home to care for children due to COVID-19. This policy is backdated to January 25, 2020.
ASSISTANCE TO BUSINESSES: WAGE SUBSIDIES AND NO-INTEREST LOANS
The federal government will be providing a 75% wage subsidy to small- and medium-sized businesses impacted by COVID-19. This will allow them to continue to pay their employees even if their business has slowed or closed. The wage subsidy will be backdated to March 15.
The federal government will also offer loans to small- and medium-sized businesses of up to $40,000. These loans will be interest-free for a year.
DEBT AND BANKRUPTCY SOLUTIONS IN OTTAWA
If you’re having debt problems, facing bankruptcy or preparing for a discharge hearing, turn to the trusted team at D. & A. MacLeod Company Ltd. To speak with an experienced Licensed Insolvency Trustee in Ottawa contact us today.