Since the pandemic started nearly a year ago, New Brunswick has received $3.4 billion from the federal government.
That accounts for relief benefits, support for businesses, wage subsidies and transfers to the Municipal and Provincial government but excludes any of the regular funding New Brunswick would receive.
As of last summer, over 70 000 New Brunswickers were benefitting from the Canada Emergency Wage Subsidy.
These were the statistics that the Minister of Economic Development, Mélanie Joly referenced to emphasize the government’s attempt to limit economic scarring.
Joly was selected as part of the Cabinet Committee on COVID-19. It was created to form leadership, coordination, and preparedness in response to the health and economic impacts of the virus.
During her part in the Recovery Road Summit, the Minister alluded to new measures that could be introduced to further help Canadians recover.
“Once the pandemic is over, we want to invest between 3-4 % of GDP, between 80 and 100 billion so businesses can take risks, Invest, be competitive and prepare for the future,” said Joly.
Small businesses have felt the economic stranglehold of COVID-19. According to Joly, the federal government has been a “saviour”.
Among the benefits, Canadian businesses have received is the Regional Relief and Recovery Fund, a lifeline for businesses affected by the COVID-19 pandemic that could not access the other support programs.
The Government of Canada announced that the RRRF would receive a $500 million top-up to extend the fund to June pending approval by the opposition.
Mélanie Joly said that in a normal situation, small businesses would look to municipal and provincial governments for aid, but unprecedented times have required more help from the federal government.
The Minister views the current economic situation as a historic opportunity to do good things.
