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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com




11 March 2020

Trudeau allocates $1B for fighting COVID-19 pandemic

The federal government pledges $1-billion to help Canada’s health-care system deal with the growing number of coronavirus cases and provide necessary support to Canadian workers who have to stay isolated.

The decision was made on the same day the World Health Organization stated the COVID-19 outbreak is already a pandemic.

The Prime Minister Justin Trudeau's announcement includes:

  • $500 million for helping provinces and territories with new equipment, more testing for COVID-19, and more thorough monitoring
  • $275 million for a vaccine research
  • $50 million to buy masks and other materials for health-care workers

In addition to it, the Liberals ease the restrictions on employment insurance payments for those who self-isolate because of illness, by canceling the waiting period for benefits. It will make it easier for those with riskier jobs to stay at home and avoid infecting others without losing their incomes.

According to Trudeau, the government is ready to act more if it’s necessary, including providing EI sickness benefits to workers who don't qualify for the program, e.g. self-employed and "gig economy" workers.

Moreover, the government is deciding what to do with incoming cruise ships, given the warnings to avoid them because of the possibility of COVID-19 infecting.

The government will also provide financing to businesses to help them cope with the economic shock. A similar program about a decade ago provided $11 billion to 10,000 firms.

Certain changes to the federal work-sharing program will focus on companies influenced by COVID-19. They will double the length of benefits from 38 to 76 weeks.

Besides, the government also offers flexible payment plans to help businesses deal with their tax obligations to the CRA.

 

 

 

 

 

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