Earlier, the federal Government announced 1 billion dollars in initial aid for the fight against COVID-19, along with $107 billion in financial aid to Canadians. And on Friday, even more extreme steps were announced to support the economy.

Prime Minister Justin Trudeau originally announced a 10% wage subsidy for workers, but that is now changing.

"Last week we had announced that we would cover 10% of wages, but it is becoming clear that we need to do more, much more. So we are bringing that percentage up to 75% for qualifying businesses."

"To help you bridge to better times, we are launching the Canada Emergency Business Account. With this new measure, banks will soon offer $40,000 loans, which will be guaranteed by the government to qualifying businesses. The loan will be interest free for the first year, and if you meet certain conditions, $10,000 of it will be forgivable."

The subsidy will be available retroactively to mid-March, and is just one part of a number of measures revealed to help and support small businesses.