The province can – and will – dig deeper into its pockets to help Islanders struggling financially due to the coronavirus (COVID-19 strain) pandemic, said the minister of economic growth.
Matthew MacKay says supports need to continue to be made available to the business sector, students and all industries.
“We are going to have more programs roll out over the coming weeks,’’ he said during a briefing Tuesday.
“How long they are going to last, we don’t know. We’re just taking one day at a time and are going to continue working through it.’’
MacKay said the province’s economy has been “phenomenal’’ the past few years, which left P.E.I. in a good financial position heading into this global crisis.
Finance Minister Darlene Compton has projected a modest deficit at the end of the fiscal year due to the pandemic.
The Department of Finance had projected a surplus of $2.5 million prior to the beginning of March. Earlier this month, however, Compton said the province would finish off the 2019-2020 fiscal year with a projected deficit of $3.7 million.
“So now we are doing what we can to make sure that we can bring that economy back when it comes,’’ said MacKay.
MacKay, who is also minister of tourism and culture, provided an update Tuesday on the financial assistance from the province doled out to Islanders to date:
- A total of $2 million has been rolled out to self-employed Islanders under the emergency income relief fund.
- Under the emergency relief worker assistance program, almost $350,000 has been paid to workers who have seen their hours significantly reduced.
- A total of 113 loans amounting to $5,560,000 have been approved through emergency working capital financing.
- Eighty-four applications have been approved under the commercial lease rent deferral program.
- Almost 9,500 employees who have been laid off have received $100 Sobeys gift cards under the employee gift card program.
- More than half of the 7,633 applications made to the COVID-19 income support fund have been approved.
