By Chris Brown

Update from the PM

Government to cover 75 per cent of wages for small- and medium-sized businesses

Mar 27, 2020 | 9:27 AM

The federal government has boosted the wage subsidy it announced last week that would fund 10 per cent of wages for small- and medium-sized businesses that qualify.

The wage subsidy has been increased to 75 per cent and will be retroactive to March 15, Prime Minister Justin Trudeau said.

“This means people will continue to be paid even though their employers have to slow down or stop their businesses,”

“This means people will continue to be paid even though their employers have to slow down or stop their businesses,” Trudeau said.

Trudeau called small- and medium-sized businesses the backbone of the economy.

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Trudeau also announced the Canadian Emergency Business Account. That will see banks offer loans, backed by the federal government, of $40,000 to small business. The loans will be interest-free for the first year and if certain conditions are met up to $10,000 could be forgiven.

The government will also be deferring the GST and HST and duties and taxes on imports until June.

The prime minister said the move is intended for employers who may need to layoff workers due to COVID-19 will think again and those who have had to layoff workers will consider re-hiring them.

Trudeau also continued his call for Canadians to practice safe social distancing when out in public and to self-isolate if needed.