Prime Minister Justin Trudeau says they will do more to support businesses across Canada. Last week the federal government said they will pay up to 10% of wages of workers impacted or out a job due to COVID-19. This morning (March 27th), Trudeau told the country he will pay up to 75% of wages to help keep employees on the payroll.
Trudeau adds this subsidy will be backdated to March 15th. The Prime Minister says they will launch the Canada Emergency Business Account. Trudeau says banks will provide loans for businesses up to $40,000 interest free for the first year with $10,000 forgivable. He adds they will also differ GST and HST payments and duty taxes on imports until June.
