House of Commons passes $73 billion wage subsidy
The federal government’s wage subsidy legislation has been given the stamp of approval in the House of Commons.
The $73 billion wage subsidy was passed Saturday night following a session that saw opposing politicians come together in agreement.
The billions of dollars is now expected to flow to companies across the country as they deal with COVID-19.
The Canada Emergency Wage Subsidy is designed in the hopes of encouraging companies to rehire workers by offering a 75% wage subsidy over the next three months to businesses that have seen their revenue drop by 30% due to COVID-19.
Companies will have to reapply for it each month.
The CEWS is expected to receive royal assent from Governor General Julie Payette Saturday night.