Businesses can apply for direct wage subsidy deposit

Canada’s banks will allow businesses to apply for direct deposit of the Canada Emergency Wage Subsidy.

Employers can sign up for direct deposit into their business payroll accounts even after they have applied for the subsidy, the Canadian Bankers Association (CBA) said in a release on Monday. Payments made through direct deposit should start to appear in employers’ accounts as of May 7.

The CBA noted that businesses eligible for payments of $25 million or more must receive the payments through the large value transfer system, not direct deposit, and should apply here to receive payments.

For a list of banks offering direct deposit, see the CBA’s press release.

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