04/02/2020

Federal Government Support Program for COVID-19 Financial Impact

Federal Government Support Program for COVID-19 Financial Impact

The outbreak of the Coronavirus Disease (COVID-19) has caused financial challenges for many. In direct response, the Federal Government is spending about $24 billion with its Canada Emergency Response Benefit program to help people in hardship.

“The hard truth is, people are out of work because of this crisis and worried about what comes next. So, I want you to know that we’ll be there to help you. Our Government is doing everything we can to be there for you,” Prime Minister Justin Trudeau told CBC News.

If you have lost income because of COVID-19, the CERB will provide you with temporary income support, said the Federal Government in a News Release dated April 1, 2020. The CERB will provide you with $500 a week ($2,000/month) for up to 16 weeks.

CERB is there to help and the Government says the goal is to get payments in the hands of people within 10 days of receiving an application. To that end, the Government is expected to launch its online application portal on the Federal Government website on April 6th.

Those with direct deposit account set-ups with the CRA could receive payments in a matter of a few days after applying. Click here for information on how to start your application process.

For those without direct deposit account set-ups, the Government of Canada has released  helpful video in order to explain in detail, the process of “How to Register for My Account”.

According to the Government, the benefit will be available to workers:

  • Residing in Canada, who are at least 15 years old
  • Who have stopped working because of COVID-19 or are eligible for Employment Insurance regular or sickness benefits
  • Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application
  • Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment income

“The income of at least $5,000 may be from any or a combination of the following sources: employment; self-employment; maternity and parental benefits under the Employment Insurance program. The Benefit is only available to individuals who stopped work as a result of reasons related to COVID-19. If you are looking for a job but haven’t stopped working because of COVID-19, you are not eligible for the Benefit,” according to the Federal Government.

Avenue Living recognizes this is a difficult time for everyone. COVID-19 has impacted the daily lives of every individual in some way. We are all in this together and our hope in providing you, our residents, with this information is to inform you of the latest updates from the Government, so that we can bring you ideas, advice, hints to get ahead of the application process, as well as support in whatever way we can.

We believe everyone’s physical, mental and emotional health is of utmost importance, and especially at a challenging time like this.

From a financial support point of view, the number of programs available, particularly with the Federal Government, cover a wide area for both individuals and businesses.

The Federal Government says it is taking “immediate, significant and decisive action” to help Canadians facing hardships as a result of the COVID-19 outbreak.

The Federal Government has a comprehensive outline of Canada’s COVID-19 Economic Response Plan on its website, but the below are some highlights of the information covered.

For individuals, it has information on the following:

  • Support for individuals and families
  • Support for people facing unemployment
  • Support for people who are sick, quarantined or in directed self-isolation
  • Support for people who are unable to work
  • Support for people who need it most
  • Support for seniors
  • Support for students and recent grads
  • Support for youth

If you are a business owner, the website has information in the following areas:

  • Avoiding layoffs
  • Access to credit
  • Support for farmers
  • Supporting financial stability
  • More flexibility for taxes
  • Support for the air transportation sector

There are many resources out there to help right now in these turbulent times, and Government aid is evolving as time progresses. As part of our Duty of Care, we will keep you posted on new programs as they are announced.
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