Date Published: March 30, 2020
On Monday, March 30, 2020, Prime Minister Justin Trudeau announced a 75% wage subsidy program to support businesses and non-profit organizations affected by COVID-19. Companies experiencing a decrease in revenue of at least 30% are considered eligible, with more details to be unveiled tomorrow. This program will operate on a basis of good faith and trust and will have serious consequences for those that try to exploit the system. The government has also promised 1-year interest free loans of up to $40,000 to support small businesses through these difficult times. These government actions are in response to the economically damaging effects of COVID-19 and the public health measures that have been put in place to stop its spread.
Read the full article here: https://www.cbc.ca/news/politics/trudeau-covid19-business-supports-1.5514558
Summary by: Angus Lau