Thank you, Mr. Speaker. These questions will be for the Deputy Premier. We know that COVID-19 has been declared a pandemic. We know that it's affecting the health of the people, and we know that there is going to be a cost to our healthcare system, but there is also a cost to the economy, as well. I'm wondering if this government has considered how it can support businesses during this period. Thank you, Mr. Speaker.
Thank you, Member for Hay River South. Deputy Premier.
Thank you, Mr. Speaker. Okay. With my colleague's support here, yes, the Government of the Northwest Territories will be looking at some of those options. Thank you, Mr. Speaker.
I didn't really want to put the Deputy Premier on the spot, there. I didn't give her these questions up front, but will the Deputy Premier relay to the rest of the Cabinet the importance of addressing any potential impact to business and determine how we can lessen any impact?
The Member is asking questions about money and what the government is doing as a result of that, so I would like to just defer the question over to the Minister of Finance.
Thank you, Deputy Premier. Minister of Finance.
Thank you, Mr. Speaker. Obviously, this is an evolving issue, but I can certainly assure this House and assure the people of the Northwest Territories that the Department of Finance has been looking both at our finances and looking at the impact on the economy here, and has been involved on national calls with the federal Minister of Finance and my colleagues across the country. It's an issue that is being looked at both here and nationally. We've been involved, and I am confident that, as the federal packages are being rolled out, they are being rolled out knowing what the potential situation and impact would be on the economy here in the Northwest Territories. Thank you, Mr. Speaker.
The other question I have is: there are some suggestions here on how to help, and one of them is to reduce our small business tax or eliminate it. It's currently sitting at 4 percent, and we'd like to see it down to at least 1 percent or eliminated. There's one option. The other thing we should be looking at, as well, is: we do have businesses out there who do have loans from government lenders, and we could look at the interest rates. We could also look at deferring the payments during this period. The third one is: we have to make sure that any businesses are being paid in a timely manner. They can't be waiting for payments for the work they've done. I'd just like to get a commitment from whoever wants to answer it, I guess, that Cabinet will look at that.
I think the Member is now stuck with me. Absolutely. As I said in my first response, it is an evolving situation. I think a lot of people are saying that across the territories, across the country, but it's an evolving situation about which all leaders and all politicians and all governments are being very actively engaged. There have been calls between first ministers, calls between other departmental ministers. I know I've had two separate calls with first ministers and ministers across the country, dealing with all varieties of issues, impacted industries, dealing with the health, dealing with emergency preparedness, and Cabinet is engaging every morning on this. There is not only a whole-of-government response, there is a whole-of-governments response.
I appreciate the Member's suggestions. I will certainly commit to taking those and looking at them. I know we have already, at the Department of Finance, started to look at what the impacts could be, modelling different scenarios, in order that we can be able to respond now and now respond after the fact. Yes, I give that assurance and will continue to do that work.
Thank you, Minister. Final short supplementary, Member for Hay River South.
Thank you, Mr. Speaker, and I thank the Minister of Finance for that. I'd just like a commitment from her that she will keep this side of the House updated on the economic side of COVID-19, as well. Thank you, Mr. Speaker.
Yes. As I've said, the economic impacts of COVID-19 will be determined depending on what happens with the actual virus and as it evolves, as impacts may not be uniform across the country and they might not be uniform across the Northwest Territories. A lot of the governments across Canada right now are introducing budgets right now or are about to do so, so in some ways, it's good timing. We're at the early stage of our fiscal year; we have a lot of flexibility. We have the flexibility to respond, and we will be able to do that. We will be able to keep this House and all the Members appraised of what we are doing and how we are doing it as we become more aware of what the information is and what the impacts are. Thank you, Mr. Speaker.
Thank you, Minister. Oral questions. Member for Yellowknife North.
