Over the past twenty years, the existing literature has concluded that Quebec’s subsidy program to disability-friendly enterprises (PSEA) illustrates the social investment paradigm by favoring the financial interests of both the Quebec government and workers with disabilities (Fortin and Audenrode, 1997; Fortin and Audenrode 2006; Fortin, Audenrode and Paradis, 2013). Using process tracing, this article investigates whether the PSEA has, over the last quarter of century, always financially benefitted these two stakeholders. It argues that the PSEA’s positive effects on Quebec’s public finances have been overestimated and that because the minimum wage has increased much faster than social assistance over the past decades, the PSEA is now financially more clearly profitable for disabled workers than for the government.