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| Government-funded loans for businesses |
The latest policy developments & WSP or Wage Subsidiary Program in the midst of COVID-19 is a huge positive gesture from Govt. of Canada. It is a positive signal from the Govt. that they shall be with the citizens of Canada in this hour of need. This was later announced in a press briefing by the honorable Prime Minister of Canada Mr. Justin Trudeau. He said that we must fight this pandemic together and never look back, as well as follow all precautions and measures. He insisted that people must stay home as social distancing is an order that should be complied with strictly as adherence to the procedures is an obligation.
The announcement also included a recovery loan program for the self-employed workers so that the losses can be sustained in the future. According to the policies, the Govt. at this point in time shall prefer that people work from home at the maximum. They must strictly abide by work from home procedures and be scientifically aware of the consequences. The PM further also announced a ‘WSP’ or Wage subsidiary program that is part of the recovery process. To avoid a jobless scenario for any employee the Govt. has promised to pay 75% of the salaries and the rest of the 25% shall be paid by the employer. A huge step in the recovery process and ensuring that ‘COVID-19’ is not responsible for any job losses in these circumstances. The application of WSP is on the first $58,700 of the employee’s wages, this means $847/week of payments by the Govt. due to the crisis. WSP will help fast in the recovery process as well as act as a shield for employees who are at risk of losing their jobs.
However, the program holds certain eligibility criteria that the businesses should fulfill to qualify for this program.
Courtesy of MBE BLOG
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