Today the Federal Government announced a significant package of spending to help support those who are being put into a financial bind due to the outbreak of COVID-19.
We are still waiting to hear specifics on a great deal of the spending, here is what we know now:
Federal stimulus summary:
- $27 billion in direct support to workers and businesses.
- $55 billion for liquidity for businesses and households through tax deferrals.
- Total cost is $82 billion.
Worker and Small Business:
- The payments from the Emergency Care Benefit will average about $450 a week, being paid bi-weekly, starting around April 1.
- Application will be online; no medical test to prove eligibility.
- 14 weeks of payments.
- Emergency COVID self benefit will act as a catch all for anyone to whom the above does not apply.
- Details for this program are still emerging.
- Wage subsidy grants to small businesses for three months equal to 10% of workers salaries.
- If you owe after you file your taxes, you have until August 2020 to make your payment.
Financial Support for Families:
- 12 million Canadians eligible:
- Parents getting top up of Canada Child Benefit $300 per child.
- Low-income Canadians will receive increased GST credit for $400 for single adults; $600 for couples; $150 for every additional child.
- The Federal government has announced a 6-month student loan repayment deferral.
Gender Based Violence:
- Many experiencing Gender Based violence could be put in a position where it is not safe to isolate in their own home. In response, the Federal government is boosting funding for shelters for those who cannot remain at home.
- They have commited $200 million to shelters nation-wide for materials and equipment.
Canada-U.S. Border Closure
- The Federal government has also announced that the Canada-U.S. border will be closing to all non-essential travel. This means that all recreational and tourist travel will be prevented.
- For Canadians in the U.S. you will still be able to cross the border to return home via land in all cases, and via air travel as long as you are not displaying any symptoms of COVID-19
I want to thank members of the Toronto-St. Paul's community for remaining calm in the face of the COVID-19 outbreak. I understand that this is a rapidly developing situation that is incredibly stressful. I continue to be inspired by the stories of community supporting one another that are emerging from this trying time.