Government announces financial support for Albertans

a picture of Alberta's provincial flag

Government announces financial support for Albertans

The Alberta government has budgeted a $50 million temporary program to help bridge the gap between federal emergency payments that begin in April 2020.

This will apply to working Albertans who don't have another source of compensation (including Employment Insurance) and must self-isolate.

It also applies to sole caregivers of a dependent who must self-isolate.

Eligible individuals will be able to apply online next week to receive a payment of $1,146 ($573 per week).

Utility payment holiday

Electricity and natural gas bill payments can be deferred for the next 90 days.

This applies to residential, farm and small commercial customers of any service provider.

Student loans repayment holiday

A six-month, interest-free pause on student loan repayments will begin March 30th, 2020 for those who need it.

No application is necessary.

Job protections

All employees, regardless of the amount of time worked, will have their jobs protected if they must self-isolate or are caring for a dependent that must self-isolate.

No medical note is required.

Help for employers

Many Alberta employers, particularly small businesses, are facing extraordinary financial stresses and will need support with short-term cash flow.

The government’s initial solution is through deferred corporate tax payments.

Corporate income tax changes

Beginning March 19, 2020, corporate income tax balances and instalment payments can be deferred until August 31, 2020.

Presumably this will be adjusted to September 1, 2020 to match the date of the federal deferrals.

It's estimated this measure will provide Alberta businesses with access to $1.5 billion to help them with their short-term cash flow challenges.

Access to credit

Personal customers of ATB Financial can apply to have their loans, lines of credit and mortgage payments deferred for up to six months.

Small business customers of ATB Financial can apply for deferrals on loans and lines of credit, but can also apply for additional working capital offerings.

Other businesses and agriculture customers should contact ATB Financial as some solutions are being considered for them as well.

For provincially regulated credit unions, personal and business members will be offered various financial relief solutions to ease their burdens on a case-by-case basis.

More information on COVID-19 

Canadian government announces aid package

What your small business needs to know about COVID-19

Disclaimer: The material above is provided for educational and informational purposes only. 

People have also enjoyed other articles related to these topics:

  1. member updates
  2. covid-19 updates
  3. government updates