Image: Drew Beamer | Unsplash
The Trudeau government has announced a massive 75% wage subsidy for small and medium businesses affected by the Coronavirus crisis.
Apr 02, 2020 - EightSix Staff
Under the new CEWS plan, a wage subsidy amounting to 75% will be handed out to small and medium businesses, providing crucially needed aid for the hard-hit restaurant and hospitality sector. Businesses that have lost 30% or more revenue due to the Coronavirus outbreak are eligible. The subsidy applies retroactively to March 15th.
The wage subsidy was increased to 75% after the previous 10% rate was proven too little to prevent over a million layoffs across Canada.
The Prime Minister announced: "We know that allowing people to continue that relationship, allow[ing] people to continue to feel and to know they have a job ... is a really important thing, not just for people's confidence, but for the ability of all us to bounce back strongly from this once we're through it."
A host of additional benefits are available for workers and employers, including boosted CCB benefits for parents, and the CERB program, which will provide up to $2000/month for workers and entrepreneurs who are not receiving wages due to the crisis and are ineligible for EI.
Read full story: Trudeau Government Announces Massive Wage Subsidy for Small and Medium Businesses - Published Mar 27, 2020 on CBC News
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