BREAKING: Canadian government introduces $82B COVID-19 aid package
- Michael Kras
- 18 Mar 2020
This morning, Prime Minister Justin Trudeau announced a significant $82 billion dollar emergency response fund to support Canadian individuals and businesses during the financial blows caused by the global COVID-19 outbreak.
The fund package includes income support, wage subsidies, and tax deferrals, with $27 billion allocated to direct support and the other $55 billion going towards business liquidity through tax deferrals.
Prime Minister Justin Trudeau has announced a massive $82-billion aid package to help Canadians and businesses, including income supports, wage subsidies and tax deferrals amid the global COVID-19 pandemic. https://t.co/Z4e4aPmerE
— Viviane Albuquerque (@IamVivianeA) March 18, 2020
The multifaceted and massive emergency plan includes a temporary increase of $2 billion to Canada Child Benefits, benefits of up to $900 biweekly for up to 15 weeks for income support to workers without access to paid sick leave, an extension on the tax filing deadline to June 1st with tax payments deferred to after August 31st, and a six-month interest-free deferral of student loan payments.
As businesses are being forced to shut down left and right, and countless Canadian citizens are left temporarily jobless without a reliable source of income, these actions represent major steps towards stabilizing the economy and ensuring Canadians can still meet their basic needs.
The news comes hot off of the unprecedented announcement that the Canada-U.S. border has temporarily closed to all non-essential travel, in further effort to mitigate the spread of COVID-19.
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