OTTAWA—It sailed through Parliament in barely more than 24 hours, with unanimous consent from the House of Commons after marathon negotiations that lasted through the night.

Now the Trudeau government’s COVID-19 rescue package is enacted in law. Here are its major features:

Spending measures

The law creates the “Canada Emergency Response Benefit,” which provides government payments of $2,000 per month over four months to those who can’t work because of the pandemic. Eligible recipients include self-employed workers, people who are laid off or stop getting paid because of the pandemic, and those who need to miss work because they are sick, ordered to quarantine, or need to care for children.

Monthly parental payments — the Canada Child Benefit — are increased by up to $300.

Small businesses get subsidies to cover 10 per cent of their wage costs over three months, with a maximum of $25,000 per business.

Low-income earners receive a one-time increase of almost $400 to their federal sales tax credits.

The law releases $500 million in promised funding for provincial and territorial health care systems, with almost $194 million for Ontario.

Collection of student loans is suspended until Sept. 30

New powers

The law allows the federal government to borrow “any amount” and spend “all money” deemed necessary to confront the pandemic. This provision expires Sept. 30.

Ottawa takes on the power to suspend patents so the government and others it chooses can make and sell products to address the health emergency. The government also has the power to make “any regulations” it considers necessary to “prevent” or “alleviate” shortages in medical products.

Loading... Loading... Loading... Loading... Loading... Loading...

Finance Minister Bill Morneau can choose to funnel money to the Canada Mortgage Housing Corporation and Farm Credit Canada, and determine how much money Canada’s export credit agency can lend to businesses.