COVID-19 Update for March 30, 2020 – 12:00pm
Canada Emergency Wage Subsidy
In his daily briefing, Prime Minister Justin Trudeau provided more details on the Canada Emergency Wage Subsidy that he first announced last Friday. This subsidy replaces the initial announcement of a 10% wage supplement.
The subsidy will not be based on the number of employees. Any company, large or small, as well as non-profits and charities whose revenues decrease by 30% or more will be eligible. The government will cover up to 75% of an employee’s salary on the first $58,700 earned – amounting to up to $847 a week – as “a bridge to better times.” Funds will be back-dated to March 15.
The Prime Minister encouraged businesses that have the means to pay the remaining 25% of salaries. He also cautioned those who might consider taking advantage of this subsidy or making fraudulent claims with a clear warning “there will be serious consequences” for anyone trying to cheat the system.
Trudeau said the Minister of Finance and the Minister of Small Business will provide further details at a press conference tomorrow.
Canadian Armed Forces
The Prime Minister reiterated that, for the time being, the federal government has received no requests from provinces for the Canadian Armed Forces to respond and provide aid. He said that if this were to change, the army is ready to respond to the call immediately.
A press conference scheduled for this afternoon will provide more details on a potential military response.
If you have any questions about this update, please let us know.
The Enterprise Team