Trudeau Announces $82 Billion Economic Aid Package in Response to COVID-19 Pandemic

Prime Minister Justin Trudeau has unveiled an economic aid package worth 3% of Canada’s GDP to help people get through the Covid-19 outbreak and stabilize the country’s economy.

Out of the total $82 billion economic package, $27 billion is earmarked for direct support to individuals and businesses, and $55 billion is for tax deferrals to meet the liquidity needs of Canadian businesses and households.

“No Canadian should have to worry about paying their rent or buying groceries during this difficult time,” said Trudeau. “That is why we are taking the strong action needed to stabilize our economy and help those impacted by the COVID-19 virus. Together, we will get through this difficult time.”

The government is also offering an Emergency Care Benefit for workers who must stay home and can’t access paid sick leave. This also covers working parents who have to stay home and take care of their children. It will provide workers up to $900 bi-weekly, for up to 15 weeks.

The package also gives small businesses a 10% wage subsidy for the next 90 days. And for temporary liquidity support, the government is allowing taxpayers to defer their filing until after August 31.

According to a statement from the prime minister’s office, the new measures bring the total support provided to businesses and individuals to more than $500 billion. $300 billion in lending capacity has been freed up by Canada’s banking regulator, and Canada Mortgage and Housing Corporation is proving further liquidity by buying up to $50 billion in mortgages.