The Government of Canada’s Economic and Fiscal Update 2021 has now been released and I am pleased to share good news about what the update means to businesses, workers and organizations in Southern Ontario. This Economic and Fiscal Update provides Canadians with a transparent report of our nation’s finances. It also includes targeted investments that will ensure we have the weapons we need to finish the fight against COVID-19. I have also attached a backgrounder with more detailed information that can be shared with your network.
Support for Business, Workers and Organizations:
- NEW***Canada Worker Lockdown Benefit: Will provide income support at a rate of $300 per week to workers whose employment is interrupted as a result of a specific government-imposed public health lockdown and who are unable to work due to such restrictions.
- NEW*** The Local Lockdown Program: Will provide organizations that face new local COVID-19-related lockdowns with up to the maximum amount available through the wage and rent subsidy programs
- NEW***Support for Workers in the Live Performance Sector: Restrictions on gatherings and the closure of venues has meant that tens of thousands of workers in the live performance sector continue to face significantly reduced incomes. The government is proposing to establish a new $60 million Canada Performing Arts Workers Resilience Fund.
- Extending the Canada Recovery Hiring Program Workers: On November 24, 2021, the government introduced Bill C-2 to extend the Canada Recovery Hiring Program until May 7, 2022, for eligible employers with current revenue losses above 10 per cent, and to increase the subsidy rate to 50 per cent.
- Hardest-Hit Business Recovery Program: Will provide support through wage and rent subsidies to organizations that have faced deep losses, with a subsidy rate of up to 50 per cent.
- Highly Affected Sectors Credit Availability Program: To ensure that businesses continue to have access to the credit they need to maintain their operations and invest in their recovery, the government is extending the program until March 31, 2022. This program was set to expire on December 31, 2021.
- Relieving Supply Chain Congestion: To help strengthen supply chains and address bottlenecks, in 2021-22, the government will launch a new, targeted call for proposals under the National Trade Corridors Fund ($50M) to assist Canadian ports with the acquisition of cargo storage capacity and other measures to relieve supply chain congestion.
- Tourism and Hospitality Recovery Program: Will provide support through wage and rent subsidies to organizations in the tourism and hospitality sectors such as hotels, tour operators, travel agencies, restaurants, and organizations that plan and host festivals or live performances, with a subsidy rate of up to 75 per cent.
Supporting Canadians through the Recovery
Government of Canada Releases Economic and Fiscal