Village Office

Economic Supports for Businesses - update

Oct 28, 2021

On October 21, 2021, the Federal Government announced proposed targeted COVID-19 support measures to create jobs and growth. News release – HERE.

The federal government proposed the following changes to business support programs:

1. Extend the Canada Recovery Hiring Program until May 7, 2022, for eligible employers with current revenue losses above 10 per cent and increase the subsidy rate to 50 per cent. For more information and to apply, go to: https://www.canada.ca/en/revenue-agency/services/subsidy/recovery-hiring-program.html

2. Deliver targeted support to businesses that are still facing signification pandemic-related challenges. The support will be available through two streams:

    • Tourism and Hospitality Recovery Program, which would provide support through the wage and rent subsidy programs, to hotels, tour operators, travel agencies, and restaurants, with a subsidy rate of up to 75 per cent.
    • The Hardest Hit Business Recover Program, which would provide support through the wage and rent subsidy programs, would support other businesses that have faced deep losses, with a subsidy of up to 50 per cent.

For more information and to apply, go to:

Rent subsidy: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html 

Wage subsidy: https://www.canada.ca/en/revenue-agency/services/subsidy/
emergency-wage-subsidy.html

3. The government proposes to extend the Canada Recovery Caregiving Benefit and the Canada Recover Sickness Benefit to May 7, 2022.

4. For Self-Employed Individuals or for workers who have been laid off due to pandemic restrictions, the Government of Canada is proposing to introduce legislation for the new Canada Worker Lockdown Benefit, which would provide income support to workers whose employment is interrupted by specific government-imposed public health lockdown scenarios and who are unable to work due to such restrictions. 

More information will come available in the coming weeks. Check back here: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses  

Provincial economic supports for businesses can be found here: https://www2.gov.bc.ca/gov/content/covid-19/economic-recovery/business-supports 

Tourism Industry specific support is provided through the BC Tourism Resiliency Network. The Northern BC Tourism Resiliency Program provides support to tourism businesses located in the Regional District of Fraser-Fort George. Their efforts will provide businesses in Northern BC with meaningful, hands-on guidance to weather the immediate impacts of COVID-19 while building lasting resiliency practices for our industry. For more information and to register go to: https://tourismresiliency.ca/nbctrp/

 

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