COVID19 affected businesses with 30% drop in revenue to be eligible for 75% wage subsidies: Trudeau

#CanadaOffersWageSubsidy; #COVID19; #CFIB; #CanadianTaxpayersFederation; #BusinessCouncilOfCanada

Ottawa, Mar 30 (Canadian-Media): An announcement was made today by Canada's Prime Minister Justin Trudeau that all businesses and non-profit organizations seeing a drop of at least 30 percent in revenue due to COVID-19 will qualify for the government's 75 percent wage subsidy program, media reports said.​

Justin Trudeau. Image credit: Official website

During the daily media briefing outside his residence at Rideau Cottage, Trudeau said  the wage subsidies will be retroactive to March 15, 2020.

He also said  the number of people employed by a business will not determine its eligibility and that charities and companies big and small will qualify, he said.

Canada's Finance Minister Bill Morneau will provide more details of the program on Mar 31.

Trudeau also said that the operation of this program should be in good faith and trust and there will be measures in place to prevent exploitation and warned of "serious consequences" for anyone abusing it from society and the government. 

"We stand ready to support government with any retroactive measures needed to address anyone found cheating the intent of this or other support programs," says a statement from The Canadian Federation of Independent Business (CFIB) and added,

"The wage subsidy is the single best measure to help Canada prepare for a quick recovery the minute the emergency phase of the pandemic is over."

Aaron Wudrick, federal director of the Canadian Taxpayers Federation, said that while abuse of the program is likely, the government has no option but to deliver "economic life support" during the pandemic.

I today's news conference held by Canada's Deputy Prime Minister Chrystia Freeland, Health Minister Patty Hajdu, Defence Minister Harjit Sajjan and Government House Leader Pablo Rodriguez to outline the potential role for the Canadian Armed Forces during the COVID-19 crisis.

Freeland said the government also is looking at ways to help hard-hit sectors.

Today's news regarding the eligibility of larger businesses for the wage subsidy program was welcomed by the Business Council of Canada, which noted the virus doesn't discriminate between big and small businesses.