March 27, 2020 - The C.D. Howe Institute has established an expert crisis working group for household income and credit support, chaired by Michael Horgan, Senior Advisor at Bennett Jones LLP and former Deputy Minister of Finance, Government of Canada. The group’s first meeting was held on Wednesday, March 25, 2020 to identify and prioritize key risks for households during the crisis, and consider policy options and recommendations.
The working group calls for governments to help businesses, not-for-profits and individuals pay their bills and stay afloat during the crisis. Financial supports are particularly needed for small businesses and individuals in industries that have experienced massive layoffs, including the travel, tourism and hospitability industries. The working group agreed the risks and consequences of not supporting employers and individuals enough is significantly higher than offering too much.
In the short-term, the crisis working group recommends:
- Generous wage subsidies to prevent further layoffs and business shutdowns,
- Emergency financial support geared towards vulnerable groups including tenants, self-employed individuals and contractors, graduating students, and front-line workers, and
- Establishing a plan to resume economic activities and get employees back to work, despite the coronavirus crisis.
For more information, please contact: Parisa Mahboubi, Senior Policy Analyst, C.D. Howe Institute; or Nancy Schlömer, Communications Officer, C.D. Howe Institute, phone 416-865-1904 ext. 0247, email: nschlomer@cdhowe.org.