Today, the Minister of Finance released further details on a new wage subsidy program at 75%, called the Canada Emergency Wage Subsidy. The Prime Minister and the Minister of Finance indicated that the intention of this program is to allow employees to continue to be paid and to be connected to their employers, to support our economy in remaining strong and sustaining the best position to rebuild rapidly when we are able to recover from the COVID-19 crisis.
On July 13, 2020, Prime Minister Trudeau announced an extension to the Canada Emergency Wage Subsidy Program. On July 21, 2020, the Government passed the extension legislation as well as changes to the criteria for qualifying businesses. This update addresses these changes related to the ongoing Coronavirus pandemic and its effects on businesses and their workforces.
For commercial landlords and tenants, COVID-19 presents unprecedented challenges. To assist, Kamil Umar, Partner of Bishop & McKenzie LLP's Commercial Leasing group, has authored a COVID-19 Commercial Leasing FAQs sheet to answer your pressing legal questions.
As the situation with COVID-19 continues to unfold in Alberta and around the world, businesses are coming to grips with the reality that this situation will likely continue for longer than originally anticipated, and with much more broadly reaching effects. We are continuing to do our best to stay abreast of the latest developments so that we can assist our clients to navigate these increasingly difficult times.