Parliament adopts $73-billion wage subsidy bill
Called the Canada Emergency Wage Subsidy, the measure is designed to help companies avoid laying off employees during a pandemic that has led to many businesses shutting their doors.
After an emergency sitting on April 11, the House of Commons passed the federal government’s $73-billion wage subsidy legislation to help workers to help blunt the financial devastation caused by the COVID-19 crisis.
Called the Canada Emergency Wage Subsidy (CEWS), the measure is designed to help companies avoid laying off employees during a pandemic that has led to many businesses shutting their doors.
The CEWS is intended to encourage companies to rehire workers by offering a 75 per cent wage subsidy over the next three months to businesses that have lost 30 per cent of their revenue due to the crisis.
Described by Prime Minister Trudeau as the most significant economic policy since the Second World War, the CEWS is retroactive to March 15 and available to companies that lost 15 per cent of their revenue in March or 30 per cent in April or May.
Companies will need to reapply for the program each month.