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COVID-19 Economic Update - April 17, 2020

Prime Minister Trudeau provided an update on the economic measures the federal government plans to take to buttress the measures already in place, including the CERB and CEWS.

Arts, Culture, and Sports

The government will be providing $500 million to Heritage Canada to support individuals and organizations experiencing economic hardship due to COVID-19. These funds will be used to provide athletes, artists, and others in the arts/culture/sport sector with wage support. Organizations experiencing cash-flow issues will also be able to receive support.

For a list of the programs offered through Heritage Canada, click here.

Small Businesses

Prime Minister Trudeau announced that the government would be providing $962 million to the country's regional development agencies and the Community Futures Network of Canada to support these organizations. Although specifics were not provided, the Prime Minister stated that these funds will be used at least in part to help rural businesses.

The Prime Minister also announced a $270 million investment to futurpreneur Canada to assist start ups that need assistance and do not qualify for the wage subsidies already available.

Energy Sector

Finally, the Prime Minister announced various aid packages for the oil and energy sector. These measures will impact businesses in these sectors in Alberta, Saskatchewan, British Columbia, and Newfoundland and Labrador.

The federal government will be making investments to help clean orphan wells in Alberta, Saskatchewan, and British Columbia. They will also be creating a $750 million emission reduction fund to focus on reducing methane emissions in particular. Approximately $75 million of this $750 million will be earmarked for offshore enterprises in Newfoundland and Labrador. The government estimates that these measures will help to maintain about 10,000 jobs nation-wide in the energy sector.

The government is also working with the Business Development Bank of Canada and Export Development Canada to provide credit support for medium-sized energy groups.

Note: while this blog and the information above provides general information, it does not constitute legal advice. The best way to get guidance on your specific legal issue is to contact a lawyer. For more information about the CEWS and CERB, or if you have any other questions regarding your legal issue, please contact our office for a consultation with one of our lawyers.
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