Shady Salah – Media in Toronto
Prime Minister, Justin Trudeau, on Wednesday unveiled an aid package totaled $82 billion to help canadians during the global COVID-19 outbreak.
Trudeau announced a new set of economic measures to help stabilize the economy and help Canadians affected by the impacts of this challenging period.
These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses, plus $55 billion to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy. Combined, this $82 billion in support represents more than 3 per cent of Canada’s GDP.
This wide-ranging support will help ensure Canadians can pay for rent and groceries, and help businesses continue to pay their employees and their bills during this time of uncertainty.
This plan builds on coordinated action taken since the beginning of this outbreak, including the more than $1 billion COVID-19 Response Fund, which provided funding to provinces and territories to strengthen
critical health care systems. It represents over $500 billion in credit and liquidity support for people and businesses through cooperation between financial Crown corporations, the Bank of Canada, the Office
of the Superintendent of Financial Institutions (OSFI), and commercial lenders to ensure businesses can continue to operate, according to a statement from the prime minister’s office.
The actions announced today are part of Canada’s whole-of- government response to COVID-19. As a first step, this plan aims to stabilize our economy through targeted measures to address immediate challenges faced by workers and businesses alike. It will help ensure that workers have the money they need while they are sick or in isolation, or due to loss of work or a significant reduction in work income, and help support people and businesses experiencing financial hardship because of the outbreak.
Canadians should not make health decisions based on their financial needs. As the situation continues to evolve, further measures will be announced to support Canadians, stimulate the economy, and protect
peoples’ jobs and livelihoods.