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Coronavirus outbreak: Morneau says COVID-19 wage subsidy could cost government up to $71B | FULL

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Canadian Finance Minister Bill Morneau said Wednesday that an emergency coronavirus wage subsidy for businesses could cost the government up to $71 billion.

Under the wage subsidy program, the government will cover up to 75 per cent of wages for all businesses that have seen a decline in revenue of up to 30 per cent due to the novel coronavirus pandemic.

Morneau said the businesses would be expected to show that they’ve made every available effort to pay the remaining 25 per cent of their employees’ wages, but said the program would “be flexible” as he recognizes not every business will be able to meet this goal.

Morneau said funding through the Canada wage subsidy program would be available in approximately six weeks.

For more info, please go to https://globalnews.ca/news/6755135/coronavirus-morneau-subsidy-details/

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