FEDERAL GOVERNMENT ANNOUNCEMENT – PHASE 1

Earlier today the Federal Government announced Phase 1 of their measures taken to combat COVID-19 and the massive impact it will have on workers and businesses. The Federal Government has announced $82 Billion dollars in support, with over $27 Billion earmarked for direct payments to Canadians and businesses across the country, with the remaining $55 Billion earmarked for tax payment deferrals.

Some of the measures in today’s announcement will require legislation to be enacted and could take a few weeks to roll out. The Government will be recalling the House of Commons to deal with these measures in the very near future.

The following is an outline of some of the areas identified in Phase 1 of the measures taken to help stabilize the economy for both workers and businesses;

Some highlights from today’s announcement:

• Canada and the US are temporarily restricting all non-essential travel across the border. Supply lines, especially for essential services, will not be impacted. This includes trucking.

• The Federal Government is recommending that Canadians work from home, buy only what you need, avoid public space and be empathetic and caring for others.

• The Federal Government will waive the one-week waiting period for those individuals in imposed quarantine that claim EI sickness benefits. This temporary measure is in effect as of March 15, 2020.

Support for Canadians

• Temporary Income Support for Workers and Parents
• Longer-Term Income Support for Workers

o Implementing the EI Work Sharing Program

• Income Support for Individuals Who Need it Most
• Flexibility for Taxpayers
• Mortgage Default Management Tools
• Role of Financial Institutions