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Bill Morneau: Subsidies for large and small businesses will cost about $71 billion

BY The Canadian Press, Apr 1, 2020 8:14 PM - REPORT AN ERROR

Minister of Finance Bill Morneau introduces a government bill during a special sitting of Parliament in the House of Commons Wednesday March 25, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

Minister of Finance Bill Morneau introduces a government bill during a special sitting of Parliament in the House of Commons Wednesday March 25, 2020 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

Finance Minister Bill Morneau says wage subsidies for large and small businesses will cost about $71 billion.

The program is expected to offset the cost of emergency benefits for workers, and reduce spending on those benefits to $24 billion.

The wage subsidy will be available to large and small businesses who have lost significant revenue due to COVID-19.

Morneau has encouraged businesses to rehire employees they may have laid off in the wake of COVID-19, and says the wage subsidy will be available in six weeks.

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