Prime minister Trudeau announces $82B COVID-19 emergency response package for Canadians, including changes to student loans

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Prime minister Justin Trudeau announced an $82-billion aid package today to help Canadians and their businesses cope with the effects of the COVID-19 (coronavirus) pandemic that has been drastically impacting the day-to-day lives of people across the globe.

 

This package aims to help Canadians pay for rent and groceries, as well as assisting businesses with paying bills.

The proposed plan includes a six-month, interest-free reprieve on student loan payments.

The National Student Loans Service Centre (NSLSC) states on their website that, “To support student loan borrowers during the COVID-19 pandemic, the Government of Canada has announced its plan to pause the repayment of Canada Student Loans until September 30th, 2020, with no accrual of interest. Pending parliamentary approval, these measures will become effective March 30th, 2020. This will include pre-authorized debits. We will provide more details shortly.”

The Ontario Undergraduate Student Alliance (OUSA) released a statement commending the choice to assist graduates with student debt.

 

The package announced by the government today is the “first phase” in planned measures designed to help Canadians combat this crisis.

According to updated numbers provided by Canada’s Chief Public Health Officer Dr. Theresa Tam, there are now 598 coronavirus cases in Canada and eight related deaths.

The tenth coronavirus case has been confirmed in the Waterloo region.

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