Physicians are rightfully concerned about the impact the pandemic is having on their livelihood. With the federal government announcing a number of programs to support individuals and small businesses, the Canadian Medical Association (CMA) brought in national accounting firm MNP to look at how they apply to physicians in a variety of practice settings.
Their report covers the top current federal assistance programs:
Canadian Emergency Wage Subsidy (CEWS) — intended for eligible employers of all sizes and across all sectors of the economy except for public sector entities
Temporary Wage Subsidy for Employers (TWS) — a three-month measure to help prevent layoffs and support businesses
Canadian Emergency Business Account (CEBA) — provides a loan of up to $40,000 to fund certain expenses incurred by eligible businesses
Canada Emergency Response Benefit (CERB) — health care workers can apply for relief under this program if they’ve ceased work due to reasons related to COVID-19 and meet the necessary criteria
Also identified in the report are two additional federal assistance programs that could be helpful to physicians and medical learners under specific circumstances:
- If you rent a commercial space for your practice, your landlord could be eligible for the Canada Emergency Commercial Rent Assistance (CECRA) to help reduce the cost of your rent.
- Medical students could be eligible for the Canada Emergency Student Benefit (CESB).
The report will be continuously updated as new measures are announced.
The CMA continues to work with the provincial and territorial medical associations on this issue, along with key stakeholders, such as the Canadian Chamber of Commerce and the Canadian Federation of Independent Business, to share our collective concerns with the federal government.