ONTARIO UNVEILS $17B IN PANDEMIC-RELATED AID FOR HEALTHCARE SYSTEM, RESIDENTS, BUSINESSES
Mar 25, 2020
By Bob Komsic
Saying it’s an extraordinary threat to the health and economy of Ontario that demands an extraordinary response, the province has announced $17-billion in support for the healthcare sector, Ontarians and businesses.
New spending includes over $2.1-billion into healthcare to help create 1,500 new hospital beds, buy personal protective equipment for frontline workers and fund transitional care projects to ease hospital overcrowding.
The new funding in the one-year fiscal outlook which comes in place of a full budget includes a total of $3.3-billion in new healthcare spending for 2020-21.
The government will also establish a $1-billion contingency fund to cover any unforeseen costs related to the pandemic.
There’s also a one-time payment for parents of $200-per-child 12-years-and-under, doubling of payments for low-income seniors and student loan payments are being suspended for six month.
The plan will be a major hit to the province’s bottom line, however, as the current $9-billion deficit rises to $20.5-billion next year.