UPDATE: The federal government's wage subsidy bill received royal assent by Canada's Governor General Julie Payette just after 9:30 tonight, following an emergency sitting earlier today at the House Of Commons.
CANADA - The federal government and opposition parties passed the Canada Emergency Wage Subsidy (CEWS) earlier today after a sitting at the House Of Commons.
The bill is aimed at helping companies who have been affected by the COVID-19 pandemic by offering a 75 percent wage subsidy to all businesses who are eligible for up to 12 weeks. The subsidy is retroactive to March 15th.
The purpose of the subsidy program is to prevent further job loss, encouraging employers to rehire workers who were previously laid off due to the crisis. The legislation was passed after both the government and opposition parties held negotiations for days, which produced an agreement to pass the bill.
According to Finance Minister Bill Morneau, the funds would be sent through an online portal operated by the Canadian Revenue Agency (CRA).
The wage subsidy program, which was under Senate review after the House of Commons moved to adopt it earlier today, received royal assent from Canada's Governor General Julie Payette just after 9:30 tonight.
You can go here to learn more information on the CEWS.
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