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Mar 27, 2020 5:13 PM -

Small business wage subsidy increased to 75%

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Prime Minister Justin Trudeau speaks from behind a podium bearing the hyperlink to a federal government website about the coronavirus disease during a press conference about COVID-19 in front of his residence at Rideau Cottage in Ottawa, on Sunday, March 22, 2020. THE CANADIAN PRESS/Justin Tang

Prime Minister Justin Trudeau says the government is increasing a payroll subsidy to small business from 10 to 75 per cent to halt layoffs due to COVID-19.

The subsidy will be retroactive to the middle of this month.

Trudeau says the government still needs to hammer out the details on the implementation of this latest measure to shore up the economy.

When it comes to paying for all of this, the prime minister says the government's economic foundations were strong before the pandemic and he is confident the economy will bounce back after COVID-19 passes.

He hopes to provide more details by Monday.

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