Quebec has seen significant investments into the economy brought on by COVID-19
MONTREAL – Quebec Government announces an investment of $ 2.3 billion that will be made available to municipalities and public transit organizations to compensate for the loss of revenue and the expenses incurred by COVID-19.
Quebec’s public transit organizations will therefore share total financial assistance of $ 1.2 billion. A first installment of $ 800 million, which includes the $ 400 million already announced last June, will be made this fall. They will then be granted financial assistance of $ 400 million during the first months of 2021.
For their part, the municipalities of Quebec will be entitled to a total amount of $ 800 million, to cover the additional costs and loss of revenue caused by COVID-19. This financial assistance will thus serve as a lever for the municipalities and allow them to play an active role in reviving the economy.
A sum of $ 300 million is also set aside to meet possible needs that could result in particular from the second wave of COVID-19. Decisions on the allocation of this sum will be taken in winter 2021.
“The significant financial assistance announced today will give municipalities more flexibility and predictability. This will help prevent increases in the tax burden on individuals and businesses or cuts in services. ” said Eric Girard , Minister of Finance
“Our government is providing municipalities with the necessary means so that they can deal with the pandemic while preparing to actively contribute to the economic recovery of the various regions of Quebec. They are leading players, whose collaboration was remarkable during the pandemic, and who will be key partners in the recovery. Today’s announcement is therefore excellent news for municipalities, but also for all citizens. ” Andrée Laforest, Minister of Municipal Affairs and Housing
Quebec was one of the first provincial governments in Canada to announce aid last June in the amount of $ 400 million.