Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, March 27, 2020.Government officials continue to work on tailored aid for the energy sector and other specific industries, but senior officials say final announcements are not expected this week.
Finance Minister Bill Morneau said last week that help for the oil and gas industry was hours or days away. He has said emergency aid would include guarantees to allow banks to keep lending to energy companies and money to pay workers to clean up abandoned oil and gas wells. The government’s economic messaging has shifted dramatically over the past week as officials adjust policy measures in response to feedback from the public and business leaders.
Two days later on Friday, Mr. Morneau announced Canada’s 75-per-cent wage subsidy and said it would be limited to companies that experienced a significant reduction in revenue. The government first announced a 10-per-cent wage subsidy for small business on March 18, then increased it to 75 per cent on Friday. On Monday, Mr. Trudeau said the subsidy would be expanded even further by applying it to businesses of all sizes, including oil and gas companies.
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