Ontario Starts Planning for Economic Recovery
Premier Ford is forming a team to develop a growth plan for Ontario after COVID-19. The plan will ensure that Ontario's economic growth will be sustained once the emergency is over. The plan now begins with the Ontario Jobs and Recovery Committee.
What is the committee doing?
The committee is developing a plan that will get Ontario's economic engine back on track and focus on job creation, stimulate economic growth and protect our province from future threats. In fact, it is developing a long-term strategic goal to get the economy moving again. For all those who have lost their jobs or have had their businesses shut down, this committee will focus on getting them back on their feet once the pandemic is over.
The Committee will be consulting with a wide variety of people to assess the impact of COVID-19 on the provincial economy and develop an action plan to move forward, including business associations, chambers of commerce, municipal leaders, corporate leaders, small business owners, and entrepreneurs.
What is the Ontario's Action Plan: Responding to COVID-19?
With many people losing their jobs, the government launched Ontario's Action Plan: Responding to COVID-19. This is a $17 billion package with funding targeted to help families and a variety of sectors across the province.
- $3.3 billion in more health care resources,
- $3.7 billion to support people and jobs,
- relief of $6 billion by temporarily deferring taxes for 100,000 Ontario businesses,
- $1.9 billion to allow employers to defer Workplace Safety and Insurance Board payments, and
- $1.8 billion to defer municipal education property tax payments.
Emergency assistance Program
The government is also providing $52 million from the package to better support individuals and families in financial crisis through social assistance. This funding will support those who are not able to access federal assistance to cover needs such as food costs, rent, medicine and other essential services during this time. Individuals can easily apply online for assistance. Apply here
What about small businesses?
The Ontario government has also worked with the federal government to develop the Small and Medium-sized Enterprise Loan that will enable up to $40 billion in lending, supported through Export Development Canada and the Business Development Bank. This new program will help businesses meet cash flow requirements through guaranteed loans.
For more information, News Release.