Prime Minister Justin Trudeau said that almost 10,000 businesses have already applied to the Canada Emergency Wage Subsidy since applications opened at 6 am ET.
According to Trudeau, payments are expected to arrive for businesses on May 7.
The Canada Emergency Wage Subsidy (CEWS) opened on Monday to help Canadian employers keep and rehire workers amidst the challenges posed by the COVID-19 pandemic.
The federal government has implemented a subsidy for eligible employers to give 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.
The maximum benefit is $847 per employee each week.
Since last week, Trudeau said there have been over 300,000 views on the online calculator that the federal government launched to help businesses prepare for the CEWS.
Trudeau said that parliament will have its first virtual sitting on Tuesday, and an in-person sitting on Wednesday.
Additionally, he said that the government is working with the provinces on shared guidelines for reopening the economy.
“Different provinces and territories will be able to move at a different pace, but we need clear, coordinated efforts from coast to coast to coast,” Trudeau said.
He also said that the federal government will be developing “essential principles” with the provinces, like needing to have enough testing capacity to reopen the economy, and that the provinces have the authority to determine what’s in their best interest when they do reopen.
Ontario, which is believed to be at a peak stage of the pandemic, is expected to unveil its framework to reopen the province on Monday afternoon.
But Trudeau also reminded the public, “no matter where you live you must keep following public health officials recommendations.”
All claims that are approved through the CRA’s automated verification process will be sent for payment on May 5, so that payments made through direct deposit begin to appear in employers’ accounts as of May 7.
According to the federal government, the $73 billion benefit will put Canadians back on the payroll and help the economy stabilize as we continue our fight against the coronavirus.