April 5, 2020
12
 MIN

Canada's Economic Response to the Coronavirus Outbreak

Show Notes

The Canadian government’s fiscal stimulus package now totals ~C$200 billion ($145 billion) which aims to ensure firms survive the ongoing pandemic , and enable employees to have a job to go to once we get through this.

The new measures, include

  • A 75% subsidy on wages, to encourage companies to keep workers on the payroll
  • Cash Drop - Workers affected by the pandemic induced layoffs would be able to receive C$2,000 each month for four months.
  • Small business owners will be able to apply for loans up to 40,000, which have some interest free options
  • Mortgage payments - Banks were notified to suspend mortgage payments for at least 6 months.
  • Students loans have been deferred interest payments
  • Bank of Canada lowered its policy rate to 0.25% and said it would begin large-scale asset purchases for the first time.

If there was only a way to for the government to send people the money fast and efficiently.
Hint: We have something called Venmo and Cash App.... Although these companies want to be considered as a way for the federal government to distribute payments from the economic stimulus package to the public

Sources :

Transcript