BREAKING: Trudeau announces plan to cover 75 percent of business wages during COVID-19
- Michael Kras
- 27 Mar 2020
In a public address Friday morning, Prime Minister Justin Trudeau announced that the new federal wage subsidy for Canada’s small and midsize businesses will be increasing significantly to 75 percent.
This considerable adjustment follows last week’s original announcement that the wage subsidy during COVID-19 would be just 10 percent; an amount Trudeau himself admitted wasn’t near enough.
Business and labour leaders have been working with us to push the government to increase the wage subsidy to keep Canadians working
Today, they listened
This announcement will hopefully help businesses stay open, and most importantly, help people keep their jobs pic.twitter.com/XOe5xN6zNs
— Jagmeet Singh (@theJagmeetSingh) March 27, 2020
The newly adjusted wage subsidy will aid qualifying small and midsize businesses across Canada who have been affected by the global COVID-19 pandemic, allowing employees to continue to be paid even as their workplaces face the frighteningly indefinite reality of needing to significantly slow or grind operations to a halt.
This wage subsidy will be backdated to March 15th, and details regarding application, a maximum amount, or specific end date for the subsidy are still to come.
On top of this news, Trudeau also announced that the government will offer a Canada Emergency Business Account that will offer loans of $40,000 or less, interest-free for one year, to support eligible businesses.
Watch the full announcement here.
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