Canada effectively nationalizing private payrolls amid virus

Cana anunced Monday it is effectively nationalizing many private payrolls by offering businesses large and small a 75% w subsidy for ir employees amid coronavirus pandemic.

Prime Minister Trudeau said businesses that have seen a 30% decrease in revenue are eligible.

“For people to get through this tough time and for ecomy to rebound, people have to keep ir job,” Trudeau said.

prime minister said government will cover up to 75% of salary on first 58,700 Canian dollars (US$41,474) that is earned. That means up to $847 Canian (US$598) a week.

Trudeau did t put a price tag on it or say how long it would last but he called it a bridge to better times.

Trudeau previously anunced 75% w subsidy for small businesses but anunced Monday number of employees a company has will t determine wher or t it gets support. He also said n-profits and charities are also eligible.

Canian government reversed course after initially only offering a 10% w subsidy earlier this month. new offer is backdated to March 15.

“se are measures that will make a huge difference,” Trudeau said.

Trudeau warned of severe penalties if companies try abuse subsidy program.