Prime Minister Justin Trudeau announced an increase to the payroll subsidy for small and medium sized businesses during today’s national address.
“Last week we had announced we would cover 10 percent of wages, but it has become clear that we need to do more. Much more. So we’re bringing that percentage up to 75% for qualifying businesses. This mean that people will continue to be paid even though their employer has had to slow down or stop its operations because of COVID-19. We’re helping companies keep people on the payroll so that workers are supported and the economy is positioned to recover from this. That is our priority.”
The subsidy will be retroactive to Sunday, March 15th.
He admitted there was still more ‘design work’ that needed to be done on the move.
He also said the government is working with banks to provide loans up to $40,000 for small businesses.
The loans would be interest-free for the first year.
More details are expected on Monday.