The House of Commons will reconvene on Saturday afternoon to pass the Canada Emergency Wage Subsidy, the largest economic measures the nation has seen since the Second World War, Prime Minister Justin Trudeau said at his standing morning news conference today.
The Senate will also be called back on Saturday with Royal Assent expected the same day. The Prime Minister said his daily address will occur from the House tomorrow and that he will be taking Sunday and Monday off to spend time with his family.
Canada Emergency Business Account (CEBA)
The Prime Minister announced that the CEBA is now available. The measure provides small and medium-size businesses with a $40,000 interest-free loan. If repaid within two years, up to $10,000 will be forgivable. The Prime Minister said that it will only take a few days for employers to receive the amount and encouraged employers to visit their local bank or credit union for more details.
Bank of Canada
The Prime Minister was asked about rumors that the mandate of Bank of Canada Governor Stephen Poloz will not be extended. The Prime Minister confirmed that the selection process is ongoing but that a final decision has not yet been made.