The federal government is rolling out financial help targeting hard-hit sectors of the economy, acknowledging that some companies need more help while others are slipping through the safety net of emergency aid.
The combined package of spending and loans will target the oil and gas sector, small companies that haven’t been able to access existing loan programs, and help for startups that had just got off the ground before the pandemic struck last month.
Since then, the economy has gone into a tailspin.
The latest figures the federal government has provided about the Canada Emergency Response Benefit, which will now be updated and published, show the program has paid out $17.35 billion to date.
The Liberals budgeted $24 billion for the program, which provides $2,000 a month to eligible workers to a maximum of 16 weeks. So far, there have been almost 6.4 million unique applicants for the program, which is to expand to capture seasonal workers and those who have seen a steep drop in their earnings.
On Friday, the Liberals announced $1.7 billion to help clean up “orphaned wells” in oil-producing provinces, and a $750-million fund to cut methane emissions by providing loans to companies.
Speaking outside his Ottawa residence, Prime Minister Justin Trudeau said the government expects all the spending to maintain 10,000 jobs across the country in the oil sector as it faces plummeting prices from decreased demand and a glut of global supply.
Trudeau added the government is going to provide $962 million to regional development agencies to help more businesses, particularly those that don’t have relationships with traditional financial institutions.
And he promised hundreds of millions of dollars in support for the arts and culture industries.