The federal government is extending its Canada Emergency Wage Subsidy program.
Prime Minister Justin Trudeau announced on Friday they will provide salary support for eligible companies for an additional three months.
The program offers help to businesses who’ve lost 15 per cent of revenue from the COVID-19 pandemic by covering 75 per cent of wages on the first $58,700 an employee makes.
“Business owners, please take confidence from this announcement – you know have some runway to catch your breath as you get restarted,” said Trudeau.
Companies will now get support up until August 29. It will also be backdated to March 15.
Trudeau notes it’s important this program helps as many as possible as it should give the economy a fighting chance.
“We need to make sure that this program keeps working for people, that it keeps encouraging employers to rehire staff and even expand where possible.”
Meanwhile, the government of Canada is expanding eligibility.
This includes partnerships that are up to 50 per cent owned by non-eligible members, Indigenous government-owned corporations that are carrying on a business, registered Canadian Amateur Athletic Associations, registered journalism organizations, and Non-public colleges and schools.
More information can be found on the federal government’s website.