Feds Announce Specific Sector Aid

economy compass gauge - depositphotos

CBJ – The federal government will provide monetary assistance for a number of sectors, including energy, arts, culture and sports – all of whom have been extremely hard-hit by the COVID-19 pandemic.

Prime Minister Justin Trudeau says his government is doing everything it can to ensure nobody or no sector falls through the cracks as financial support is provided to shore up the nation’s economy, which ground to a halt with social distancing, much like the rest of the world.

“Over the past few weeks, the pandemic has created anxiety and uncertainty for all Canadians, but some are going through an especially tough time. COVID-19 has brought many industries to a halt, and workers across the country are struggling as a result,” Trudeau said during a media conference in Ottawa.

Canada and the U.S. have also agreed that the international border will remain closed for at least another month, other than those who are deemed essential workers, such as doctors, nurses and truck drivers.

The government has committed to spending $1.7 billion to clean orphan and inactive wells in B.C., Alberta and Saskatchewan. The move is expected to maintain 5,200 jobs in Alberta alone and will allow development on inactive land throughout all three provinces.

Arts, culture and sports will also be assisted monetarily in an effort to retain as many jobs as possible while the pandemic advances towards an eventual conclusion.

@CanBizJournal

Recommended
IFIC Welcomes CSA Relief on Short-Term Borrowing Limits for Mutual Funds Investing in Fixed Income