Federal payroll subsidy for small businesses increases to 75%

The subsidy has been increased by 60% to help relieve the financial load of small businesses during the COVID-19 crisis.

Prime Minister Justin Trudeau announced at his press conference this morning that the federal government is increasing a payroll subsidy to small businesses from 10 up to 75 per cent as means of stemming layoffs that are a continuing side effect of the COVID-19 pandemic.

Trudeau added that the government has some details to work out prior to putting it in place as a means of shoring up the Canadian economy.  The Prime Minister added that due to the strength of Canada's economic foundations prior to the pandemic, the government remains confident that the economy will bounce back, which will help cover costs.

The subsidy will be retroactive to mid-March, and Trudeau will provide more details on the subsidy early next week. 

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