Justin Trudeau just dropped an $82 billion aid package for those affected by coronavirus
Canada's federal government has announced an unprecedented financial aid package worth more than $82 billion aimed at helping both individuals and businesses affected by the COVID-19 pandemic.
"In these extraordinary times, our government is taking extraordinary measures," said Prime Minister Justin Trudeau during a press conference in Ottawa Wednesday morning. "In Canada, public health should never hinge on financial considerations."
Comprised of $27 billion in direct support for Canadians and $55 billion meant to help business liquidity through tax deferrals, Trudeau's massive package represents roughly 3 per cent of Canada's entire GDP.
Canadians are counting on us, and we will be there for them. As the first phase in our #COVID19 Economic Response Plan, we are providing $27 billion in of direct support to Canadian workers and businesses. Read more: https://t.co/IyBcVoOQRv— Bill Morneau (@Bill_Morneau) March 18, 2020
The Prime Minister expects support funds to start flowing within weeks, and assured reporters on Wednesday that the spend will not drive Canada into a recession, thanks to the country's strong economic footing in recent years.
Among the resources available to individual Canadians will be:
Residents will be able to apply for the above-listed Emergency Care Benefits in April, at which point they will be assessed for their eligibility. Details for how to apply can be found here.
I’m announcing a significant and comprehensive plan that’s going to help all Canadians get through these challenging times. Tune in here for the details: https://t.co/LVsd4xZeQI— Justin Trudeau (@JustinTrudeau) March 18, 2020
Trudeau says these financial supports are meant to help Canadians pay for such essentials as groceries and rent, despite the loss of jobs or reduction of hours due to pandemic-related closures and illness.
"No Canadian should have to worry about paying their rent or buying groceries during this difficult time," said the Prime Minster on Wednesday.
"That is why we are taking the strong action needed to stabilize our economy and help those impacted by the COVID-19 virus. Together, we will get through this difficult time."
The government is similarly taking action to help businesses continue to pay their employees and their bills during these economically uncertain times.
#COVID19 updates from @JustinTrudeau:— Montreal Gazette (@mtlgazette) March 18, 2020
• Up to $82 billion in support for Canadians and businesses
• Emergency benefits for people who have to stay home, feel ill, lose jobs
• Tax deadline now extended until August
• Student loan interest moratoriumhttps://t.co/Ih9waoPW7m pic.twitter.com/VMHSZK2tZd
Business-targeted relief measures announced today by the federal government include:
Minister of Finance, Bill Morneau, is expected to speak more to these supports during a second press conference on Wednesday.
"The Government of Canada will do whatever it takes to ensure that the health of Canadians is protected, families and businesses are supported and our economy remains strong, even in the face of uncertainty," he said in a statement released Wednesday morning.
"Canadians can rest assured that we are ready to take all necessary measures to meet the challenges ahead."
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