Last week, CRA opened the portal for CEWS applications for Period 5 (July 5 to August 1). This is the first period that involves the new rules (also known as CEWS 2.0).
This message is to let you know:
- CEWS 2.0 is a lot more complicated than the original CEWS;
- We will diligently assess all clients situations to determine whether they qualify;
- We will begin working on the claims for all qualifying clients; and
- We ask for your patience as we properly work through all clients (the deadline for all claims is February 2021).
As a reminder:
- For Periods 5 and on:
- Any decline in revenue for any month from July to November 2020 will make the business eligible; and
- The greater the decline in revenue, the greater the subsidy.
- Revenue decline does not need to be COVID related; and
- There are now 10 claim periods.
Businesses not eligible for Periods 5 and on under CEWS 2.0 will likely be limited to:
- Those with no payroll;
- Small businesses with only family members on payroll that weren’t on payroll prior to March 15, 2020;
- Those with no revenue drop; and
- Those that are brand new.
Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.