On Monday morning, Prime Minister Justin Trudeau addressed Canadians from Rideau Cottage and unveiled the details of the updated wage subsidy program for small and medium-sized businesses.

All businesses that suffer at least a 30% loss in wages as a result of the COVID-19 outbreak in Canada will qualify, regardless if they have ’10 or 10,000′ employees. This also includes non-profit organizations and charities.

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According to Trudeau, the federal government will cover up to 75% of the first $58,700 each employee earns, which is up to $847/week.

However, the prime minister did offer a word of caution to businesses and encouraged employers to cover the remaining 25%,  “We are trusting you to do the right thing,” said Trudeau, adding that there will be “serious consequences” for any company that tries to take advantage of the system.

Watch live: Prime Minister Justin Trudeau addresses Canadians on the #COVID19 situation from Rideau Cottage, in Ottawa. https://t.co/dN8fepRyR2 pic.twitter.com/2E4Sqp1DkL

— CanadianPM (@CanadianPM) March 30, 2020

Trudeau introduced the wage subsidy program Friday, saying the new measures would help small businesses avoid layoffs or closures because of economic uncertainty caused by the COVID-19 pandemic.

The federal government had previously announced a 10% wage subsidy for business, but last week Trudeau said that was not enough. The Prime Minister said the wage subsidies will be retroactive to March 15, 2020.

More to come.