Banks offering COVID-19 Relief on Auto & Personal Loans, Credit Cards, Credit Lines
Details of Major Banks offering relief in various forms
Credit Union customers – access to a variety of programs and solutions designed to ease difficulties with loan payments and short-term cash flow. Check with your Credit Union.
Important note – a payment deferral is not a forgiveness of the amount owed. It means the payments are deferred to a later time, when we will have to pay them back, plus the cost of interest charges on the interest deferred.
CANADA – COVID-19 Economic Response Plan: Support for Canadians & Businesses
NEW PROGRAM – CERB – This is Big!!
CERB: Canada Emergency Response Benefit
- CERB will give workers who cease working or are receiving reduced employment income because of COVID-19 a taxable $2,000 monthly payment.
- Dutton Employment Law Group’s excellent CERB review and FAQ
NEW PROGRAM FOR BUSINESSES – This will be a huge help for Employees and Contract Employees
A Federal 75% Wage Subsidy to help Businesses keep & return workers to payroll retroactive to March 15.
- It looks like the payment will be capped at 75% of $58,700 annual income, so $3,669 / month.
Canada’s Federal COVID-19 Economic Response Plan – click the link for details on existing programs
NEW INFO – It appears that the federal government will use the CRA ‘My Account for Individuals’ to register for or to access electronic payments. Apply here for an individual CRA account unless you already have an account.
Link to all Federal COVID-19 Programs
- These appear to be Automatic (but you should double-check on that):
- Enhanced Canada Child Benefit for the 2019-2020 benefit year, by $300 per child
- GST Credit increase
- A one-time special payment by early May 2020 through the Goods and Services Tax credit. The average boost to income for those benefitting from this measure will be close to $400 for single individuals and close to $600 for couples.
- Delay to Income Tax filing deadline to June 1, 2020 and payment deadline to Aug 31, 2020
- These you must Apply for:
- EI Work Sharing Program
- Federal Student loan 6-month payment moratorium. Note: this is a deferment, not a forgiveness.
ALBERTA – Immediate relief for Albertans affected by the COVID-19 pandemic
NEW INFO – you will need a MyAlberta Digital ID account to receive Alberta government COVID-19 benefits,
There is normally a 10-day waiting period after uploading your driver’s license to the site waiting to receive by mail your verification code.
COVID-19 Supports for Albertans
- Alberta student loan payments can access a 6-month, interest free, moratorium on payments.
- Emergency isolation support – a one-time payment of $1,146 will be distributed to bridge the gap until the federal emergency payments begin in April.
- Residential customers can defer electricity and natural gas bill payments for 90 days to ensure no one will be cut off, regardless of the service provider.
Important note – a payment deferral is not a forgiveness of the amount owed. It means the payments are deferred to a later time, when we will have to pay them back.
Other Existing Income Supports for Albertans – click the link for details on existing programs
Covid-19 Government Resources for Albertan Renters & Property Owners – courtesy of ‘COVID-19 Resources’
UPDATED – Health Resources official sites
For more information about COVID-19 itself, please check out these resources:
- Canada Public Health Services
- Alberta Provincial Health web pages
Compiled by- Garth Chapman – Jencor Mortgage