As mentioned earlier, the Canadian federal government has been pushing a plan to extend CERB payments for those Canadians that are still out of work following the easing of some restrictions. However on Tuesday, the government’s plans became a reality, and the CERB payments that have serving as a financial lifeline for unemployed Canadians during the coronavirus pandemic.
The CERB payments have been extended for an additional 8 weeks, and as such the benefit will be available for up to a total of 24 weeks for qualifying Canadians. However, there will be some further changes to the eligibility criteria, including encouraging CERB recipients to seek employment as well as utilize the tools offered through Job Bank, which is Canada’s national employment service.
Furthermore, as a move to ensure that Canadians have at their disposal a wider range of financial aid options, the federal government has also extended the Canadian Emergency Wage Subsidy (CEWS) program until August 29, 2020. The CEWS serves as a mode of financial support for Canadian businesses, so that they can continue to keep their employees on payroll as well as re-hire previously laid-off workers as a result of the pandemic.
Information for this briefing was found via the Government of Canada and Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.