Federal Government announces new measures and funding for economic recovery given new COVID surge

By Al Ruggero

The Federal Government announced an Economic and Fiscal Update on Dec.14, addressing lingering and emerging impacts of Covid -19 and the new Omicron related surge to our small businesses with measures to spur regional economic development.

These include extending assistance and deadlines to businesses and workers, while expanding health care funding for the provinces for rapid testing supplies.

Some key items include:

-The deadline for repayment of Canada Emergency Business Account loans has been extended

-Tourism and Hospitality Recovery Program providing support through wage and rent subsidies for travel agencies, restaurants and many others with subsidies up to 75%.

-Hardest-Hit Business Recovery Program, subsidies for wages and rent up to 50%

-Local Lockdown Program for organizations that face new local Covid-19 related lockdowns including the

-Worker Lockdown Benefit: workers whose personal revenues decrease by 50% due to lockdown measures are eligible to receive $300 per week.

-To help supply chains and bottlenecks the government announced a new National Trade Corridors with a call for proposals in the coming weeks.

-Small Business Air Quality Improvement Tax Credit of 25% to help small businesses invest in safer and healthier ventilation and air filtration.

-Proposal for an additional $1.7 Billion to Health Canada and the Public Health Agency of Canada to enhance support for provinces to secure rapid testing supplies including expanded schools and workplace testing.

For more information, or links please call Al Ruggero, 416-809 -8130 or email: