Today, Prime Minister Trudeau announced new measures to support Canada’s energy sector. Mr. Trudeau also announced financial measures to support innovators & entrepreneurs, and for the arts, sports and culture sectors.
Energy Sector Support:
The Prime Minister indicated the goal of measures to support the energy sector is to create and retain immediate jobs, help businesses stay afloat, and support Canada’s environmental targets. Specific measures include:
- A $1.7 billion fund to clean up orphan and abandoned wells in Alberta, Saskatchewan, and British Columbia.
- A $750 million emissions-reduction fund, with a focus on methane, including $75 million to help the offshore industry cut emissions in Newfoundland and Labrador.
In addition, the Government is working with EDC and BDC to help small and mid-size energy companies. The Government estimates that the orphan wells and methane initiatives will help maintain 10,000 jobs.
Innovators & Entrepreneurs Support:
The government announced $962 million to regional development agencies to help more businesses, particularly those that don’t have relationships with traditional financial institutions, including those in in remote communities.
Mr. Trudeau also announced $250 million in support channeled through Futurpreneur Canada and the Industrial Research Assistance Program for innovators and other nascent businesses not eligible for the wage subsidy.
Arts, Culture, and Sports Sector Support:
Mr. Trudeau also announced $500 million in funding to Heritage Canada to support artists, creators and athletes.
This funding will help artists, athletes and cultural organizations with wage supports and liquidity.
Consult the Sussex COVID-19 Guide for information on supports made available across the Federal, Provincial and Municipal Governments.
Let Sussex help connect you with the right people in government to help your organization get through these extraordinary times and navigate COVID-19 support programs.