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Business wage subsidies to cost Ottawa around $71 billion

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Business wage subsidies to cost Ottawa around $71 billion

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.

But Morneau says he’s open to extending the government’s wage subsidy program if the COVID-19 crisis lasts longer than expected.

The benefit, which will pay 75 per cent of struggling companies’ wages up to $847, is expected to last for three months.

But Morneau says the government will continue to reassess as the crisis unfolds and is open to adding new measures as necessary.

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