Business Aid Eligibility
CBJ — Prime Minister Justin Trudeau provided a more in-depth update on Monday from Rideau Cottage in Ottawa regarding the financial aid coming to Canadian businesses and employees.
Trudeau also says the military is helping to support efforts in the battle against COVID-19. As of now, no province or territory has requested official assistance.
Any Canadian businesses whose revenue has decreased by 30% or more due to the pandemic will be eligible for the 75% subsidy promised, regardless of the number of employees on staff.
“This is about making sure that people are still getting paid whether they work for a business that employs 10 people or 1,000 people,” Trudeau said to reporters outside his home.
The wage subsidy is being back-dated to March 15, and is a marked increase to the initial commitment of a 10%.
The federal government is also offering loans of up to $40,000. In some cases the first $10,000 repayment may be waived.
The employee wage subsidy will be on the first $58,700 earned, which means a cap of $847 per week.
Trudeau also made it clear for businesses not to take advantage of the program. Those that do would face serious consequences.