Justin Trudeau says Canadians impacted by COVID-19 will be able to apply for emergency financial help on Monday

OTTAWA-Canadians hit by the economic fallout of COVID-19 can apply for emergency financial assistance starting Monday.

Prime Minister Justin Trudeau confirmed Wednesday that the federal government will start taking applications for the Canada Emergency Response Benefit next week.

The taxable benefit will provide $2,000 a month for up to four months for workers who have lost income as a result of the pandemic. This includes people at home because illness, quarantine or child care responsibilities who don't qualify for employment income.

The benefit is one of several promised by the government to provide a lifeline to Canadians caught in the economic shock wave of COVID-19 that has seen an unprecedented shutdown of large parts of the economy.

Later Wednesday, Finance Minister Bill Morneau will provide more details of another federal program, a wage subsidy for employers, designed to keep people on the payroll. It will be open to businesses big and small that have seen a drop of 30 per cent or more in gross revenues.

"That includes everything from bars and restaurants to charities and non-profits," Trudeau said.

That program will cover 75 per cent up to a salary of $58,700, paying up to $847 a week and will be backdated to March 15.

Trudeau said the money is meant for workers and that employers will have to attest that they are doing "everything they can" to pay the remaining 25 per cent of wages.

The prime minister warned again of tough penalties for any company that tries to cheat the system.

"These are unprecedented times and will require us to pull together as a country and trust each other as Canadians," he said.

"There will be stiff and severe penalties for trying to take advantage of this system and of your fellow Canadians," the prime minister said.

Trudeau said that those who get the wage subsidy cannot receive the emergency benefit. "It's one or the other. You can't get both of these benefits," he said.

To continue getting the emergency benefit, which will stretch four months, people will have to update their profile each month to confirm whether they are still out of work, the prime minister said.

The government has said that people hoping to get the emergency benefit can speed the process by setting up an online account with the Canada Revenue Agency now and providing details for direct deposit. Those who elect to get payment via direct deposit should see the funds within three to five days. By mail, a cheque should arrive in 10 days.

Bruce Campion-Smith is an Ottawa-based reporter covering national politics. Follow him on Twitter: @yowflier