Date Published: April 11, 2020
Source: National Post
Parliament is expected to pass new legislation today (April 11th), which will provide millions of dollars in financial aid to Canadian businesses and employees. The aim of this emergency wage subsidy program is to provide financial support to companies that have suffered revenue losses as a result of the COVID-19 pandemic. The subsidy is retroactive to March 15 and will be available to companies that lost 15% of their revenue in March or 30% in April or May. The program is intended to allow companies to continue to employ or rehire employees by subsidizing 75% of their wages for the next three months. All political parties have been collaborating on the legislation throughout the last week with the hope of distributing aid in the next two to five weeks. The program is expected to cost the federal government $73 billion.
Read the full article here: https://nationalpost.com/news/canada/singh-calls-for-universal-access-to-cerb
Summary by: Helen Genis