A Week In Review; Changes to the eligibility criteria for the new 8-week wage subsidy

This week’s AWIR is a brief edition, as I recovery from surgery last week which presently makes it a little harder to tap on the keys I must admit.

The key update I wanted to alert you all to, was a couple of changes to the eligibility criteria for the new 8-week wage subsidy, which include:

• businesses now only having to show a revenue drop of 40% or more, reduced from the previous 50% requirement: and,
   
• an adjustment to the period of the revenue drop (which is compared to revenue of the comparable period last year), which must now be for a 30-day period in the 40 days immediately prior to the application date (but beginning no earlier than 10 May 2020), where previously the period was simply the 30 days before the application date.

There has also been an extension to the application period for the small business cash flow loan, which was to end on the 12^th June, but has now been extended to the 24^th July.

Have a good week and I will be back on the 15^th with the usual full round of updates from the previous week.