Prime Minister Justin Trudeau has announced additional economic relief from the federal government for sectors that have been particularly hard-hit during the COVID-19 pandemic.
During his daily press conference on Friday from Rideau Cottage in Ottawa, the Prime Minister announced over $1 billion in support for small businesses that have not yet qualified for the Canada Emergency Business Account (CEBA) or wage subsidy programs.
Trudeau announced that $962 million will be made available to regional development agencies and the Community Futures Network, which will help small and medium-sized businesses who “fall through the cracks” and do not qualify for CEBA, especially for those in rural communities.
On top of that, Trudeau said the government is allocating $270 million towards Futurpreneur and the Industrial Research Assistance Program to support startups that are not eligible for the wage subsidy, but are requiring financial help.
The Prime Minister also announced $500 million to Heritage Canada to support those that work in the arts, culture, and sports sectors.
“Like the small businesses I was talking about, people in businesses in these sectors do not have access to some of the help we’ve announced because of how the companies operate or how revenues are generated,” said Trudeau during his press conference.
Along with these sectors, Trudeau also revealed the government would be spending $1.7 billion to help clean up “orphaned wells” in an effort to help the energy sector.
He says restoring abandoned oil and gas wells is good for the environment, for landowners who have to contend with them and to employ thousands of workers
The federal government is also creating a $750-million fund to cut methane emissions.
Trudeau added the government expects all the spending to maintain 10,000 jobs across the country.
These efforts from the government are in addition to the relief already announced in the weeks prior, including the CEBA and the Canada Emergency Response Benefit (CERB).
Prime Minister Trudeau acknowledged that over 7.5 million payments have already been paid through the CERB program and he added that the statistics for this program will be released to the public moving forward.
“As our country confronts this pandemic, I am especially grateful that Canadians have chosen to protect each other and care for one another,” added Trudeau during his press conference.
Earlier this week, Trudeau announced expanded criteria for the CEBA, along with wage boosts for frontline workers and a new program that would assist small businesses with their commercial rent for the next three months.
More to come.
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