Thank you, Mr. Chair.
I, too, would like to thank all the public servants for being here today and for the work they do.
I will begin with a reminder. Earlier, the interpreters reminded us that when witnesses read out a speech, it is easier to interpret if the text has been provided to them beforehand. Thank you.
My first question is for Mr. Baylor.
Mr. Baylor, I would like to understand the calculation used in Bill C‑2 to determine eligibility for the wage subsidy. I will use the hardest-hit business recovery program as an example.
As I understand it, for each qualifying period, the business must have had a revenue decline of at least 50%. If a business has a 60% revenue decline one month, a 40% decline the following month and a 60% decline the month after that, then it would be eligible for the subsidy for the first and third months, but not for the second month.
Is that how it works, or is there a way to calculate average losses over several periods?