The B.C. Government is rolling out a $5 billion plan to mitigate the economic fallout caused by the COVID-19 pandemic.

Premier John Horgan and Finance Minister Carole James made the announcement Monday, outlining $2.8 billion in aid for “people and services” and $2.2 billion on “businesses and recovery.”

"This plan is a first step, but a critical step," said James. “It’s going to have to evolve as the situation evolves.”

"We know there's more to do."

The plan includes a $1,000 one-time payment for workers laid off as a result of the COVID-19 pandemic, being called the B.C. Emergency Benefit. The payment will go to workers eligible for EI and those eligible for federal relief programs being set up for those that do not, building on top of the federal aid package.

The government says it will be pausing all student loan payments until September and increasing the Climate Action Tax credit. The bump to the credit will impact 86 per cent of British Columbians.

The increase to the provincial carbon tax has also been postponed, as has the expansion of provincial sales tax to e-commerce and sweetened carbonated beverages.

For businesses, provincial tax payment and filing will be deferred until Sept. 2020.

Commercial and industrial properties in classes 4, 5 or 6 are going to have their tax rate cut in half for the 2020 tax year — at a cost of $500 million to the provincial treasury.

Tax savings for the average urban commercial property owner are going to be about $4,000.

The government is investing $1.7 billion to crucial health services, housing and shelter supports, income and disability assistance programs — such as funding for the BC Centre for Disease Control hotline, quarantine costs, lab tests and work underway at the First Nations Health Authority and the United Way's Better at Home program for seniors.

The province is also setting up a $1.5 billion fund for the recovery of the economy after the pandemic passes.

More information is to come on the province's plans for supporting tenants, though Premier John Horgan said that no one in B.C. will lose their apartment because of COVID-19. The province is also exploring additional support in other areas, such as supplements for seniors.

Later today, B.C.'s legislature will convene to address two pieces of legislation, including amendments to employment standards legislation to ensure workers cannot lose their job due to self-isolation, or because they are caring for a loved on.

James will also be tabling a supply bill which will bring the province's action plan into effect.

On Monday, B.C. Health Minister Adrian Dix and Provincial Health Officer Dr. Bonnie Henry announced 48 new cases of COVID-19 since the last provincial update on Saturday. There are now 472 confirmed cases of the Coronavirus in B.C.

with files from Business in Vancouver