B.C. Finance Minister Carole James and Premier John Horgan announce $5 billion emergency fund for COVID-19 unemployment and other relief, B.C. legislature, March 23, 2020. (B.C. government)

B.C. government prepares for COVID-19 economic recovery efforts

New measures after July consultation, Carole James says

B.C. Finance Minister Carole James expects to lay out the extent of the COVID-19 impact on the province’s economy this week, but how she will deploy a $1.5 billion relief fund will likely have to wait until August.

James is preparing to provide an update on the coronavirus pandemic’s effects on B.C. July 14. It will set out the progress of the province’s relief efforts for individuals and businesses, and include a range of financial forecasts about what the future holds for the B.C. economy.

But the $1.5 billion in borrowed money held in reserve for a recovery plan will not be finalized until after a six-week public consultation that runs until July 21, with analysis after that.

“Yes, we will have additional measures that will come later, after our consultation occurs,” James told reporters at the B.C. legislature July 13.

Many of the government’s measures are already in place, such as tax payment deferrals and reduced business school tax, plus the gradual lifting of pandemic restrictions on business and public activities. With the $1.5 billion recovery fund left from the $5 billion emergency appropriation voted by MLAs, the cost will be enormous.

“I’ve tabled legislation that says for the next three years we will not balance the budget. We will in fact have deficits,” James said. “But each and every year that’s going to have to be looked at. We’re going to have to see where the economic recovery is occurring. I’m afraid it’s a challenging time, and you’ll see that in some of the statistics tomorrow, when it comes to economic forecasters who have a wide range of what they anticipate could be coming, because of the uncertainty that’s there for, not British Columbia but in fact for Canada and the world.”

B.C. Liberal MLAs have called for faster action, and leader Andrew Wilkinson has sent a series of letters to Premier John Horgan with possible ways to use the relief money. Among those was declaring a sales tax holiday for struggling businesses, rather than just allowing them to defer sending in the sales tax they collect on transactions.

RELATED: B.C. legislature recalled for emergency summer session

RELATED: Online survey for B.C. pandemic fund open until July 21


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislatureCoronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Shea Long roosts in the Shoot Out in the Telkwa Range. (SnoRiders, Houston/Shea Long photo)
Telkwa Range snowmobiling permit lottery opens

Application period is Oct. 20 to Nov. 20 for snowmobiliers and skiers to gain access to Starr Basin

The Dupras family has been regulars at the Babine River and have seen plentiful grizzlies over the years. (Jay Dupras photo/Lakes District News)
A family’s close encounter with a grizzly on Babine River bridge

Photo-enthusiasts let the bear access the bridge for photos putting others at risk

Stikine provincial election candidates (clockwise from top left): Nathan Cullen, NDP; Darcy Repen, Rural BC Party; Rod Taylor, Christian Heritage; and Gordon Sebastian, BC Liberals. (Black Press Composite Photo)
Nathan Cullen, right, looks on as Wet’suwet’en hereditary leader Chief Woos, also known as Frank Alec, Minister of Crown-Indigenous Relation, Carolyn Bennett and B.C. Indigenous Relations Minister Scott Fraser address the media in Smithers, B.C., Sunday, March 1, 2020. THE CANADIAN PRESS/Jonathan Hayward
10 Gitxsan hereditary chiefs call for BC NDP to remove Cullen as Stikine candidate

Ten Gitxsan hereditary chiefs have called for the firing of NDP candidate… Continue reading

FILE - Nathan Cullen speaks to media in Smithers, B.C., Friday, February 28, 2020. THE CANADIAN PRESS/Jonathan Hayward
Horgan, Cullen apologize for Stikine candidate’s comments about Haida candidate

Nathan Cullen had made insensitive comments about Roy Jones Jr. Cheexial

Actor Ryan Reynolds surprised a Shuswap family with a special birthday message to their son who was worried he’d be alone on his 9th birthday on Nov. 24. (Tiffanie Trudell/Facebook)
Ryan Reynolds text almost gives away Shuswap boy’s birthday surprise

Deadpool actor helps remind eight-year-old Canoe resident he’s not alone

Vancouver police reactivated the search for Jordan Naterer Thursday Oct. 22. Photo courtesy of VPD.
Mom of missing Manning Park hiker believes her son is waiting to come home

‘He’s going to come out of a helicopter and say ‘what took you so long?”

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Environment Minister George Heyman, Premier John Horgan and Energy Minister Michelle Mungall announce that B.C. Hydro is proceeding with construction of the Site C dam, Dec. 11, 2017. (Tom Fletcher/Black Press)
Site C actions, costs won’t be known until after B.C. election, Horgan says

Peace River diverted for construction of reinforced dam base

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

One of the squirrels who ended up having their tails amputated after getting them stuck together with tree sap. (Facebook/Wild ARC)
Squirrels recovering from tail amputation after sap situation near Victoria

BC SPCA Wild ARC says squirrels will be released back into wild, fifth sibling was euthanized

More and more electric cars are on the road, but one Chevy Bolt owner was shocked to see how much his BC Hydro bill skyrocketed once he started charging the vehicle. (Black Press file photo)
Lower Mainland man sees significant spike in BC Hydro bill after buying electrical vehicle

An increase should be expected, but Brian Chwiendacz experienced a 200-plus per cent hike

Most Read