Monday, 19 April 2021 17:18

Federal Budget Announcements

Good Afternoon All,
 
The Federal Liberals presented their budget this afternoon.  I want to share the following information which will be of importance to you, our business members - especially noting the proposed extension of the Wage Subsidy, Rent Subsidy and Lockdown support programs to September 25, 2021. 

Helping Hard-hit Businesses Hire More Workers

Budget 2021 proposes to introduce the new Canada Recovery Hiring Program for eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic. The proposed subsidy would offset a portion of the extra costs employers take on as they reopen, either by increasing wages or hours worked, or by hiring more staff.

Extension of Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support Beyond June 2021

The Canada Emergency Wage Subsidy has helped more than 5.3 million Canadians keep their jobs, and the Canada Emergency Rent Subsidy and Lockdown Support have helped more than 154,000 organizations with rent, mortgage, and other expenses. Budget 2021 proposes to extend the wage subsidy, the rent subsidy, and Lockdown Support until September 25, 2021.

Enhancing the Canada Small Business Financing Program

To make sure small business and independent entrepreneurs can access the capital they need to recover, innovate, and grow in the long-term, Budget 2021 proposes to improve the Canada Small Business Financing Program. These proposed amendments are projected to increase annual financing by $560 million, supporting approximately 2,900 additional small businesses.

For those who wish to review the full budget here is a link: https://www.budget.gc.ca/2021/home-accueil-en.html
 
Thanks,

Susan
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