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Home Canadian Press Sources say Feds to unveil $1 billion softwood lumber support package today

Sources say Feds to unveil $1 billion softwood lumber support package today

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OTTAWA, O.N. — Natural Resources Minister Jim Carr is set to unveil about $1 billion in financial supports for softwood lumber producers and their employees.

The Federal cabinet discussed the options for a package on May 9th, but the federal government wanted more input from the provinces via the special working group that Carr established in February.

A government source confirms Carr will unveil the details Thursday in Ottawa along with Foreign Affairs Minister Chrystia Freeland.

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According to the source, the package will include employment insurance enhancements for laid-off workers, loan guarantees in some form, and funds to assist companies with exploring new markets and innovations.

The source, who was not authorized to discuss the matter ahead of the announcement and spoke anonymously, characterized the money as a support package, not a bailout.

If the United States were to view the package as as bailout or subsidy, it could make the situation worse.

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