Trudeau announces assistance to struggling energy sector, including $ 1.7 billion to clean up orphan wells


Prime Minister Justin Trudeau announced new measures to support Canada’s energy sector, including $ 1.7 billion to clean up orphan wells in Alberta, Saskatchewan and British Columbia.

This assistance is expected to help maintain 5,200 jobs in Alberta alone.

Government will also establish a $ 750 million methane-focused emission reduction fund to create jobs in pollution reduction efforts, including $ 75 million to help the offshore industry reduce emissions in Newfoundland and Labrador.

Trudeau holds a daily press conference outside his residence at Rideau Cottage which started at 11:15 am ET. broadcasts it live.

The new measures build on previously announced programs to support struggling businesses, including a 75 percent wage subsidy for businesses of all sizes, as well as charities and nonprofits.

The federal government also supports loans of up to $ 40,000 for businesses with payrolls between $ 20,000 and $ 1.5 million per year. The interest-free loan includes up to $ 10,000 non-repayable.

To date, 220,000 loans worth $ 8.8 billion have been approved.

Trudeau warned that reopening the economy too soon could risk increasing the transmission of COVID-19, but some premiers have considered ways to gradually get people back to work.


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