Every Friday, we publish a weekly update on COVID-19 and its effect on business. View our COVID-19 resources and daily webinars here.
Prime Minister Announces Extended Emergency Wage Subsidy
As provincial governments continue to announce plans for restarting the economy, the federal government has announced that the emergency wage subsidy program is being extended beyond June to encourage aid businesses in rehiring employees.
As the unemployment rate soared to 13.0 percent in April, per Statistics Canada, the government is employing the emergency wage subsidy program to help business owners continue to rebuild after COVID-19. As previously announced, the subsidy is on the first $58,700 of an employee’s annual salary and provides a maximum of $847 a week per employee. The program is retroactive to March 15, for businesses and charities in need of government support.
The Government of Canada Announces Deal with Provinces to Boost Essential Worker Wages
On May 7th, 2020, Prime Minister Justin Trudeau announced a $4-billion agreement for all provinces and territories to issue wage top-up’s for low-income essential workers
For the wage boost, the federal government will contribute $3 billion towards the cost-sharing deal, and provinces and territories will provide the additional $1 billion. The government stated that individual provinces and territories will be responsible for deciding which workers are eligible for this incentive.
While the coronavirus continues to spread quickly, it is important to remember that only a small percentage of patients need special treatment to recover. Trusted health experts continue to emphasize that the general population shouldn’t panic and should instead focus on practicing proper hygiene, such as hand-washing and refraining from touching the facial area.
- World Health Organization: Q&A on coronavirus (article)
- World Health Organization: How to protect yourself against COVID-19 (video)
- World Health Organization: Getting your workplace ready for COVID-19 (pdf document)
- McKinsey & Company: COVID-19: Implications for Business (article)
- Government of Canada: Coronavirus disease (COVID-19) (updates, resources on travel, updates, Canada’s response, etc.)
- World Health Organization: Coronavirus disease (COVID-19) advice for the public (in-depth resources)
- Government of Canada Economic Response Plan
- BDC’s Relief for Canadian Business Owners
- Coronavirus: Leading Through the Crisis
- Government of Canada Announces new Domestic Transportation Measures
- BDC Capital Bridge Financing Program