weekly rennie bulletin: economic initiatives - April 24 2020


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what you need to know about the latest COVID-19 initiatives in canada

• In response to the anticipated disruptions caused by the spread of COVID-19, Canada’s federal government, the government of British Columbia, local governments, the Bank of Canada, and other institutions are taking steps to help mitigate the negative effects. • Each week rennie will publish a summary of the latest policy changes, financial market interventions, and other relevant actions introduced in the preceding week. • This summary includes all announcements up to 24 April 2020.

government of canada The federal government will be offering FORGIVABLE LOANS TO COMMERCIAL PROPERTY OWNERS to cover 50 per cent of three monthly rent payments. The loans will be forgiven if the property owner agrees to reduce eligible businesses’ rent by at least 75 per cent for the three months. The forgivable loans would go directly to the mortgage lender.

The government is investing $350 million to expand NATIONAL TESTING and modelling of COVID-19. This includes creating the COVID-19 Immunity Task Force; the Task Force will operate under the direction of a leadership group, which will include Theresa Tam and others. The goal is to test 1 million Canadians over the next two years. Funding for a new NATIONAL RESEARCH STRATEGY of $1.1 billion ($750 million of new dollars) has been announced, covering vaccine development, testing, modelling, and clinical trials government of british columbia A temporary adjustment of REDMA (the Real Estate Development Marketing Act) has been made, whereby a development property marketed under a disclosure statement filed under REDMA from April 17, 2020 to July 17, 2020 can be marketed for up to 12 months (an increase from 9 months). • Additionally, a development property marketed under a disclosure statement filed under REDMA from June 17, 2019 to April 16, 2020 can also be marketed for up to 12 months if an amendment is filed. BC’s public safety minister indicated that anyone caught RESELLING NEEDED MEDICAL SUPPLIES at inflated prices during the current pandemic will face a $2,000 fine. local government Township of Langley Council passed a bylaw at Monday’s meeting (giving it all four readings at one sitting) “to waive the requirements for PUBLIC HEARINGS for development applications which are consistent with the Official Community Plan”. This is intended to expedite new housing supply.

Up to $350 million will be made available for CHARITIES .

A number of measures have been announced to support STUDENTS : • student GRANTS TO BE DOUBLED for 2020-21, to $6,000 for full-time & $3,000 for part-time • At least $291Mwill be spent on EXTENDING SCHOLARSHIPS & GRANTS for student researchers and grads (for up to 3 or 4 months) • a CANADA EMERGENCY STUDENT BENEFIT of $1,250/ month will be provided between May and August for postsecondary students who are attending school in September; will be available even if students are holding a job with an income up to $1,000/month; the benefit increases to up to $1,750 “if you take care of someone else or have a disability” • 76,000 SUMMER JOBS are being created for students • for students who choose to do NATIONAL SERVICE , the new Canada Student Service Grant will provide up to $5,000 for their education in the fall • enhance the CANADA STUDENT LOANS PROGRAM by raising the maximum weekly amount that can be provided to a student in 2020-21 from $210 to $350 • up to $75 million for FIRST NATIONS STUDENTS

For further information please contact Ryan Berlin (rberlin@rennie.com) or Andrew Ramlo (aramlo@rennie.com). The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the information. RAR & RMS does not assume any responsibility or liability of any kind in connection with the information and the recipient’s reliance upon the information. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information may change any time without notice or obligation to the recipient from RAR & RMS.

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