Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Canadian Prime Minister Justin Trudeau, shown here on March 29, 2020, said the virus fight is no less "destructive" than war/AFP

Coronavirus

Canadian lawmakers approve vast pandemic economic aid program

MONTREAL, Canada, Apr 12 – Canadian lawmakers passed a wage subsidy program Saturday heralded as the largest economic measure in the country since World War II, to help businesses and their employees get through the coronavirus crisis.

Parliament is suspended but held an exceptional session in the middle of Easter weekend to adopt the Can$73 billion (US$52 billion) program, which aims to pay companies 75 percent of their employees’ salaries to avoid massive layoffs.

Prime Minister Justin Trudeau attended the session. He had been in isolation in his home for a month after his wife contracted the virus.

Apart from leaders of the main parties, only about 30 MPs out of 338 sat in order to comply with social distancing orders.

The House of Commons passed the bill in the afternoon, following in the evening by the Senate.

Trudeau, referring to Canada’s sacrifices in both world wars, stressed that the fight against the virus “is not a war,” but “that doesn’t make this fight any less destructive.”

“The front line is everywhere, in our homes, in our hospitals and care centers, in our grocery stores and pharmacies, at our truck stops and gas stations.

“And the people who work in these places are our modern day heroes,” he said.

This was the second financial assistance bill proposed by Trudeau’s government since the beginning of the crisis.

Advertisement. Scroll to continue reading.

Its purpose is to “enable Canadians to keep their jobs and get a paycheck,” the prime minister said, adding it is “the largest Canadian economic policy since World War II.”

The 75 percent wage subsidy, which is for three months and retroactive to March 15, is for businesses that have suffered or will suffer a 15 per cent drop in revenues in March or 30 percent in April and May, finance minister Bill Morneau said.

The Canadian economy lost more than one million jobs last month.

Canada had 23,197 cases of coronavirus and 678 deaths due to the disease as of Saturday.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Coronavirus

NAIROBI, Kenya, Mar 25 Kenyans who will fail to pay their dues by April 1 will not be listed in the Credit Reference Bureau...

Headlines

NAIROBI, Kenya, Mar 13 – Meet Kennedy Okaka, the CEO of PH Africa which manufacturers and distributes hand sanitizers. Okaka speaks to Capital Business...