Prime Minister Justin Trudeau announced Wednesday an $82-billion assistance plan for individuals and businesses.
The package includes $27 billion in direct support and another $55 billion to help business liquidity through tax deferrals.
The plan includes:
- Temporarily boosting Canada Child Benefit payments, delivering about $2 billion in extra support.
- New Emergency Care Benefit of up to $900 biweekly, up to 15 weeks, to provide income support to workers who have to stay home and don’t have access to paid sick leave. The measure could disburse up to $10 billion.
- A six-month, interest-free reprieve on student loan payments.
- Doubling the homeless care program.
- Extending the tax filing deadline to June 1.
- Allowing taxpayers to defer tax payments until after Aug. 31 amounts that are due after today and before September.
Help from banks
Furthermore, Canada’s six largest banks announced yesterday plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19.
They have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19.
This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.
Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.
To read the press release, click here.
To follow the evolution of events live:
CTV News website: https://www.ctvnews.ca/health/coronavirus/
For any questions regarding COVID-19, please visit the Government of Quebec website: https://www.quebec.ca/en/health/health-issues/a-z/2019-coronavirus/
The IATSE 514 team