grarghll 6 points7 points 1 year ago

As best as I can tell, the $2,000/month is for people who've lost their jobs, later expanded to cover people with partial employment who are making less than $1,000/month.

The U.S. has put forth similar measures, expanding unemployment conditions and adding an additional $600/week (~$2,600/month) in unemployment benefits.

ZeroLogicGaming1 -2 points-1 points 1 year ago

Hm. What about delayed payments? Are they put at the back of loan like he says in the video or is it the same as the US?

grarghll 2 points3 points 1 year ago

I don't know, and I think we've had a misunderstanding: I'm not Canadian.

My second sentence (my use of the word "we") meant to convey that the U.S. has also expanded unemployment in a similar way to how Canada has done so.

In short, Canada is giving out $2,000/mo in additional unemployment, and the U.S. is giving out $2,600/mo in additional unemployment and a one-time $1,200 stimulus payout.

ZeroLogicGaming1 0 points1 point 1 year ago

Wait, is the 2000/month in Canada a stimulus check or unemployment?

grarghll 1 point2 points 1 year ago

In short: yes, it's unemployment. It's a payment that's only available to people who've lost their jobs due to COVID-19, and then expanded to include people underemployed due to the virus.

Over the next four months, Canadians who qualify would receive 5,600 USD in stimulus payments while Americans who qualify would receive 10,800 USD in stimulus payments.

PrivilegeCheckmate 0 points1 point 1 year ago

As someone who has applied for this(it's called 'forbearance') the bank says they'll work out terms later, but it may be larger monthly payments, a lump sum, or later repayments. It seems to me that they are actually just extending the term of the loan for 3 months but in good legalese you can't just say that because that would mean altering the terms of your loan(which as a legal-sector employee I know they cannot unilaterally do). Some schmo at some specialty firm with CPA/JD's in multiple states is likely even as we speak being paid giant piles of dough to craft a catchall contract that people can sign that will likely do something like this that hits all the right notes for the federal regulators and will end up making the bank more money in the long term.