Small businesses across the country will be getting additional supports to help them cope during the COVID-19 pandemic.

Prime Minister Justin Trudeau announced on Friday the federal government will cover 75 per cent of wages.

Speaking to reporters, Trudeau says they’re hoping this will help more businesses stay afloat.

“We’re helping companies keep employees on the payroll so that workers are supported and the economy is positioned to recover from this.”

This is up from the 10 per cent they previously promised to cover.

Payrolls backdated to March 15 will apply.

Meanwhile, the federal government is also launching the Canada Emergency Business Account.

Banks will be offering $40,000 loans, guaranteed by the Liberals, to businesses.

It will be interest-free for the first year, while specific businesses will also have $10,000 automatically forgiven.

“Our hope is employers who are being pushed laying off people because of COVID-19 will think again and for those of you who’ve already had to layoff workers, we hope that you consider re-hiring,” added Trudeau.

These new supports are expected to be made available as soon as possible.