At his daily update on the COVID-19 situation, Prime Minister Justin Trudeau announced that Canada will cover 75% of wages for businesses so that they don't have to lay everyone off. He also said he hopes the funding means businesses can rehire employees. The subsidy will go to small and medium-sized companies and will be backdated to March 15.

He initially announced a 10% subsidy last week.

Details are few but the Prime Minister said specifically that the measure will allow businesses to retain long-term workers.

It's further unclear just which businesses will qualify for the subsidy.

This news comes after the government previously announced emergency funding for people whose jobs were impacted by the novel coronavirus crisis.

Some people could see as much as $2,000/month under that program.

The government of Quebec is also giving relief to residents in self-isolation in the amount of $573 for two weeks.

But Trudeau's announcement about increased wage subsidies is the biggest financial relief effort to date.

In Quebec, the government has ordered the closure of all non-essential businesses until April 13, putting some people out of work for weeks.

As a result, Premier François Legault has asked landlords to delay rent collection from residents who can't pay until federal aid is delivered on April 6.

The Montreal municipal government, as well as the provincial and federal governments, meanwhile, have all pushed back the tax deadline for individuals.

It's unclear how long restrictions on travel and business will last in Canada, but officials on every level are preparing for the resulting economic slump.

Stay tuned for updates.

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