The Prime Minister has been providing daily COVID-19 briefings to Canadians every morning, but if you’re overdosing on announcements, here’s a summary of the financial assistance coming available Monday April 6th.
The Canada Emergency Response Benefit pays 2,000 dollars a month to workers who wouldn’t otherwise qualify for EI.
That includes wage earners, contract workers, self-employed individuals and those who’ve had to stay home without pay to self-isolate or care for loved one- as well as anyone else who hasn’t been permanently laid off, but isn’t being paid.
If you’ve been out of work for two weeks, you can get this money for up to 16 weeks.
Applications open online and by phone on Monday, April 6, with payments to arrive within five days for direct deposits and within 10 days for cheques by mail.
More information is available at www.canada.ca/coronavirus-CERB
Those who applied for EI after March 15th will get the same money as the CERB program for their first 16 weeks.
EI-eligible workers will still qualify for their usual benefits, whether lower or higher than $2000-per-month, after the four-month CERB period.
If you are already getting EI you don’t have to apply for CERB, you’ll be automatically switched over.
For Businesses, the Federal Government is offering Wage Subsidies of 75 percent- as long as the business can put up the other 25 percent; that program is still six weeks away.
The Canada Emergency Business Account is arranging government-guaranteed bank loans of up to $40,000.
The loans will be interest-free for the first year and up to $10,000 can be waived for repayment.