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Trudeau promises 75% wage subsidy for businesses hit by coronavirus pandemic

<b>Trudeau promises 75% wage subsidy for businesses hit by coronavirus pandemic</b>Prime Minister Justin Trudeau said the previous 10% subsidy wasn't enough amid the new coronavirus pandemic.
In a move to buoy a fragilized economy due to the coronavirus pandemic, the Prime Minister of Canada Justin Trudeau just announced a major increase to the wage subsidy for small and medium-sized businesses. The measure is aimed at encouraging companies to keep their employees on the payroll and those who had to lay off staff due to COVID-19 difficulties to rehire them. Mr. Trudeau said that his government will now cover 75% of wages for qualifying businesses and this subsidy will be backdated to Sunday, March 15. Last week, his government had announced it would cover 10% of wages, but he said it was "becoming clear we need to do more." In the statement, Prime Minister Trudeau also said he was launching the Canada Emergency Business Account. Banks will soon offer $40,000 loans, which will be guaranteed by the government. It will be interest-free for the first year, and under certain conditions, $10,000 will be forgivable. He also announced that businesses will have until June to pay GST and HST as well as taxes on imports - the equivalent of providing $30 billion in loans interest-free to businesses. "Small and medium-sized businesses are the backbone of our economy. You are collectively the largest employer in the country and you make our towns and cities better places to live. Canadians are counting on you, and I am counting on you", he told business owners. However, a question remains unanswered. Some business owners are wondering if "qualifying" businesses include sole proprietorships and partnerships. This section makes up a large part of small Canadian businesses and wasn't part of the initial 10% subsidy.


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