Canada Emergency Wage Subsidy receives Royal Assent
Parliament Hill (Vista Stock Photo)
The $73-billion aid package will pay employers up to 75-percent of employee’s wages up to $58,700 for each employee. That’s up to $847 a week for 12 weeks and is retroactive to March 15th.
The subsidy will be available for companies that lost 15-percent of their revenue in March and 30-percent in April and May.
A limited number of MPs debated the bill for five hours on Saturday and just three hours later Senators passed the bill, making way for Governor General Julie Payette to give Royal Assent.
It is the largest financial aid package since World War II. In his remarks Prime Minister Justin Trudeau called people on the frontlines modern-day heroes and asked all Canadians to do their part to fight COVID-19, “Without reservation, without pause, we must fight for every inch of ground against this disease. We must be there for each other as we spare no effort to safeguard our collective future.”