Canada Is Supporting Its People And Businesses Amidst Coronavirus Outbreak

The government of Canada is making sure that all of its citizens and businesses are running, despite the fact that the coronavirus has infected 1472 people in the country.

The country is taking steps to stabilize the economy, protect jobs, and help those people that are affected by the Covid-19 containment measures.

In the COVID-19 Economic Response Plan, which was released on March 18, 2020, it said that Canada will be allocating up to $82 billion USD, which is more than 3 percent of its GDP.

The step was taken to make sure that Canadians can pay their rent, buy groceries, and so that businesses can keep running.

The Economic Response Plan will help businesses pay their employees and their bills.

The COVID-19 Economic Response Plan will be allocating $27 billion of the total funding towards workers and businesses in Canada.

In addition, the government will be providing up to $55 billion in tax deferrals, allowing businesses and households to pay their taxes at a later date.

These measures follow Canada’s $1 billion coronavirus response fund, which supports the health care systems of the territories and provinces.

Over $500 billion in credit and liquidity is available to support people and ensure businesses can operate.

Bill Morneau, the Minister of Finance, said, ““These are extraordinary times and we must take extraordinary measures,”

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Minister Morneau added, “I am working with the financial sector, the Bank of Canada, my provincial and territorial colleagues, and my counterparts from around the world to keep coordinating on significant actions to protect the Canadian and global economy.”

Canada will allow businesses to defer income tax payments until August 31, 2020, interest and penalty free because of the novel coronavirus.

Businesses are also going to be allowed access to more credit through the new Business Credit Availability Program, which is expected to provide more than $10 billion of additional support to small, medium, and large businesses in Canada.

During the press release, more credit will be available to farmers and the agri-food sector through Farm Credit Canada.

The government will also support Canadian businesses when deemed to be in the national interest to deal with exceptional circumstances by providing flexibility on the Canada Account limit.

Canada will also further expand Export Development Canada’s ability to provide support to domestic businesses.

Canada will reportedly launch an Insured Mortgage Purchase Program to purchase up to $50 billion of insured mortgage pools.

The Insured Mortgage Purchase Program will provide stable funding to banks and mortgage lenders, as well as continued lending support to consumers and businesses.

The government will enable these measures by raising Canada Mortgage and Housing Corporation’s limits by $150 billion each.