At his daily press briefing, Prime Minister Justin Trudeau announced today that the federal government will be increasing the federal wage subsidy for small and medium-sized businesses impacted by COVID-19 to 75 per cent and that the wage subsidy will be backdated to March 15, 2020.

Last week, Trudeau announced a 10 per cent wage subsidy, but said today that it's not enough.

"It's becoming clear that we need to do more - much more - so we're bringing that percentage up to 75 per cent for qualifying businesses," said Trudeau.  "This means people will continue to be paid even though their employers have to slow down or stop their businesses."

Trudeau said that more details are expected to be released on Monday.

"We are helping companies keep people on payroll so that workers are supported and the economy is positioned to recover from this," Trudeau said.  "That is our priority."