Here’s what impact investors are urging the federal government to add to its COVID-19 aid package

The federal government can (and should) do more

Why It Matters

In response to COVID-19’s unprecedented impact, last week the federal government passed a huge stimulus package to help Canadians. But these impact investors from across Canada say much more can be done — from accelerating the launch of the Social Finance Fund to implementing a universal basic income.

Last week the federal government pushed its new stimulus bill through parliament in response to the COVID-19 crisis. With infection rates surging and the global economy experiencing a meltdown, Ottawa passed a $107 billion package to help Canadian people, businesses and non-profits. Friday morning, Justin Trudeau announced an update to the aid package, which included increasing the wage subsidy available to employers from 10 percent to 75 percent and deferring HST and GST payments until June.

This may only be the start, however. Upon announcing the measures on March 18, Finance Minister Bill Morneau said it was just the “first phase” of the government’s response and that “there will be more to come.”

In what ways does the current stimulus package fall short? What more could or should the government be adding in the coming days and weeks as the crisis develops?

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