Justin Trudeau

Prime Minister of Canada announces major wage subsidy hike for small businesses

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Prime Minister Justin Trudeau has announced a major increase to the wage subsidy for small- and medium-sized businesses, boosting it to 75 per cent, up from the 10 per cent previously promised.

This decision, to help “qualifying businesses” keep employees on staff, is being back-dated to March 15, with more information coming soon.

The federal government is launching a special emergency business account for small businesses that will see banks offer $40,000 government-guaranteed loans interest-free for the first year. If certain conditions are met, the first $10,000 will be forgiven.

 

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