Canada to cover 75% of small business payroll wages: Trudeau
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Canada's Prime Minister Justin Trudeau speaks to news media outside his home in Ottawa, Ontario, Canada March 25, 2020. REUTERS/Patrick Doyle
OTTAWA (Reuters) - Canada will cover 75% of payroll wages for small businesses and give those companies access to one-year interest free loans so they can avoid laying off employees, Canadian Prime Minister Justin Trudeau said on Friday.
Trudeau said the wage subsidy for small- and medium-sized businesses will be backdated to March 15, adding he hoped companies would rehire workers they had laid off.
(Reporting by Steve Scherer and Kelsey Johnson)
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