Image: Clem Sim | Unsplash
In response to the economic chaos brought on by the Coronavirus crisis, the Canadian government will be providing $27 billion in direct support to workers and businesses.
Mar 20, 2020 - EightSix Staff
A bi-weekly payment of $900 for up to 15 weeks will be provided to workers who are sick, quarantined, or taking care of a family member who is, but do not qualify for EI sickness benefits. Parents with children who require care or supervision due to school or daycare closure and are unable to earn income will be provided this payment regardless of whether they qualify for EI-sickness benefits.
Workers who lose their job or face reduced hours due to the Coronavirus and are not eligible for EI will be given an Emergency Support Benefit. A new EI program (EI Work Sharing Program) will be introduced to give EI benefits to workers who face reduced working hours.
The government is proposing to help low or modest income families by providing a one-time GSTC tax credit of about $400 to individuals and $600 for couples by May 2020. For families with children, Canada Child Benefit (CCB) payment will be increased by $300 per child in 2020.
Additionally, a 6 month moratorium and interest freeze will be started on repayment of student loans for all individuals that are in the process of repaying them.
The plan will also aid small-businesses by providing a wage-subsidy of 10% for 3 months.
They will also receive $10 billion of additional support through the Business Credit Availability Program (BCAP). Up to $300 billion of additional lending will be given out by Canada’s large banks, due to loosened lending restrictions.
Read full story: Canada outlines Coronavirus relief plan for workers and businesses - Published Mar 19, 2020 on Government of Canada
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