This morning, the Honourable Diane Lebouthillier, Minister of National Revenue, launched the application process for the Canada Emergency Wage Subsidy (CEWS).
All claims that are approved through the CRA’s automated verification process will be sent for payment on May 5, so that payments being made through direct deposit should begin to appear in employers’ accounts as of May 7. Some applications will require a secondary verification, done manually, and in these cases the CRA may contact employers to verify information. It is expected that these secondary verifications will take no more than 72 hours in the vast majority of cases.
The CRA has again partnered with financial institutions to enroll Canadian employers for direct deposit, and employers can now register business payroll accounts for direct deposit with the CRA through their bank portals.
Signing up for direct deposit will enable employers whose applications are approved to receive their CEWS payments quickly and securely. Employers can sign up for direct deposit with their financial institutions even after applying for the CEWS.