CCA Brief: Government’s economic response plan to COVID-19
|CCA Brief: Government’s economic response plan to COVID-19
Dear colleagues and members,
As part of our ongoing efforts to keep the industry informed, we have put together this briefing on the latest Government of Canada announcement.
CCA has also added a central information hub on our website with updates and resources regarding the COVID-19 outbreak for circulation and use amongst all members and companies. This hub can be found at cca-acc.com/covid-19-resources.
Government of Canada announces $82 billion relief and stimulus package amid COVID-19 outbreak
March 19, 2020 – Ottawa, ON – Yesterday in Ottawa, Prime Minister Justin Trudeau and Finance Minister Bill Morneau outlined in separate announcements the federal government’s financial package to assist businesses and individual Canadians throughout the ongoing uncertainty around the COVID-19 outbreak. The stimulus package includes $27 billion in direct support to Canadians as well as $55 billion in measures through tax deferrals totalling $82 billion dollars, the equivalent of 3 per cent of Canada’s total GDP.
These measures are a follow-up to the $1 billlion the federal government announced last week for its COVID-19 response fund that largely consisted of money for federal and provincial public health agencies to support research and equipment purchases as well as the $10 billion announced for small and medium enterprises (SMEs) through the Business Development Bank of Canada.
The measures in yesterday’s announcement were divided into two categories by the government and included:
Supports and measures specific for individuals