Finance Minister Bill Morneau is expected to unveil an economic aid package on Wednesday worth more than $25 billion to help workers and businesses counteract the shock caused by the coronavirus pandemic.
Finance Minister Bill Morneau is expected to unveil an economic aid package on Wednesday morning worth more than $25 billion to help workers and businesses counteract the shock caused by the COVID-19 pandemic.
A senior government official told CBC News that some of the money will be delivered directly to individuals through existing safety net programs, including employment insurance and the Canada Child Benefit.
Morneau will announce the measures in Ottawa. CBCNews.ca will livestream the announcement.
“It’s going to be significant and comprehensive,” the senior government official said.
“People need rent money and groceries. Businesses need to bridge to better times.”
The COVID-19 outbreak has wreaked havoc on the global economy, sending stock prices diving and forcing businesses of all kinds to shut their doors as governments institute lockdowns and other social distancing measures to slow its spread.
Canadian businesses of all sizes are feeling the pain from shutdowns, cancellations and public fear as the number of confirmed cases rises each day.
The reduction in economic activity has been sharp and fast. On Tuesday, TD Economics projected growth in Canada at 0.2 per cent this year, a tiny amount by recent standards. The Bank o