PM Justin Trudeau explains 75% wage subsidy for businesses
Prime Minister Justin Trudeau explained the specifics of the 75 per cent wage subsidy in today’s daily press briefing for businesses in Canada due to COVID-19 / Coronavirus. Retroactive to March 15, the federal government will provide businesses with 75 per cent of each employee’s salary on the first $58,700 that they earn. This works out to $847 per week.
“Businesses that show they their revenues have gone down by at least 30 per cent will be eligible for the wage subsidy announced last week,” Prime Minister Trudeau said. “The number of employees will not determine your eligibility. The subsidy will apply to nonprofit organizations and charities, as well as to companies big and small. We want people continue to be paid whether they’re working for a business that has 10 employees or 1,000 employees.”
Justin Trudeau also issued some words of caution to anyone who would try to abuse the subsidy in a dishonest way.
“I want to offer a word of caution to businesses. We are trusting you to do the right thing. If you have the means to pay the remaining 25 per cent that’s not covered by the subsidy, please do so. And if you think this is a system you can take advantage of or game, don’t. There will be consequences for those who do. This unprecedented situation calls for unprecedented action. And it calls for good faith and trust between everyone involved. We are in this together, and that’s why our government is stepping up to ensure all employers keep their employees. But for this to work, everyone has to do their part. Every dollar of this should go to workers. You should make every effort to top up their wages, and every effort to hire back workers who’ve been laid off in the past two weeks because of COVID-19.”
The Prime Minister also thanked all public service workers who are currently working around the clock to finalize the details of the subsidy. More information on the subsidy will be provided to companies as soon as possible. ■
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