Canada to aid business with revenue loss of 30% or more
- March 30, 2020
The Federal government says it will help pay wages of small and medium businesses and charities during the coronavirus outbreak that have revenue losses of 30 per cent or more.
Prime Minister Justin Trudeau made the announcement on March 30, following his statement last week that the Federal government would cover up to 75 per cent of wages of people working for small and medium sized enterprises, but only for the first $58,700 worth of salaary. It. means the maximum amount of salary would translate to $847 per week, unless an employer tops up any salary exceeding $58,700.
“If your business’ revenues have decreased by at least 30% because of COVID-19, you will be eligible for this subsidy. The number of employees you have will not determine whether or not you get this support,” Trudeau said. The program will apply to non-profit organizations and charities.
More detail information is expected to follow. To see if your business qualifies, visit the Canadian government web site.