Finance Minister Carole James said a $5 billion dollar fund is an initial start to help British Columbians recover from the ongoing COVID-19 crisis. (The Canadian Press)

By NanaimoNewsNOW Staff

COVID-19 aid

Province announces $5 billion COVID-19 aid package

Mar 23, 2020 | 1:47 PM

NANAIMO — B.C.’s Finance Minister described a multi-billion dollar aid fund as an initial step in providing financial relief to British Columbians during the COVID-19 crisis.

Carole James unveiled the $5 billion COVID-19 Action Plan during the noon hour Monday shortly before emergency legislation was to be introduced and expected to be endorsed in a special legislature sitting.

$2.8 billion is dedicated to help people’s financial needs during the crisis, while $2.2 billion is designed to assist businesses recover.

Minister James said the package included an emergency tax free benefit of $1000 for people out of work due to COVID-19.

Minister James hoped the emergency funds will begin flowing by May.

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“It’s got to take a month to get those systems in place, we will be working quickly to be able to get those resources to individuals,” James told reporters in Victoria.

James said a straight-forward application process will be established for the fund, adding people without employment insurance will also benefit from it.

The $1000 cheques are part of a $1.1 billion in relief aimed at workers and their families, James announced.

James the B.C. Climate Action Tax Credit will be expanded to delivery money in July, which will beneift as many as 86 per cent of British Columbians with extra money.

$1.7 billion is earmarked for critical services to ease the burden on the healthcare system, in addition to housing supports for the province’s most vulnerable.

Those funds will go toward the BC Centre for Disease Control hotline, quarantine costs and lab tests.

Several programs were announced to help the businesses community.

Firms with a payroll over $500,000 can defer their employer health tax payments until Sept. 30.

Tax filing and payments owed by businesses for several provincial fees are also being extended until the end of September.

Businesses and light and major industry property classes will see their school tax cut in half, a move anticipated to see $500 million in immediate relief for businesses that own their property.

The scheduled increase to the provincial carbon tax anticipated for April 1 will be delayed, James said.

$1.5 billion of the plan is set aside for a future economic recovery plan to be formulated between the province, busineses and labour.

Future funding will be dedicated to hard-hit parts of the economy, including tourism, hospitality and culture sectors.

—with files from The Canadian Press

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