How it works: 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:
o A $1.7 billion fund to clean up orphan and abandoned wells in Alberta, Saskatchewan, and British Columbia.
o 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.
o 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.
Department: Natural Resources/Business Development Bank of Canada
Effective: To be announced.
How it works: The Federal Government 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.
Department: Heritage Canada
Effective Date: To be announced.