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Canada winds down COVID-19 business support programs

November 5th, 2021 / By: / COVID-19, Industry News, News

Canadian Minister of Finance Chrystia Freeland recently announced the end of broad-based federal support programs intended to support Canadian businesses through the economic turbulence of the pandemic, according to the National Marine Manufacturers Association website. This includes the wage subsidy, rent subsidy and Lockdown Support programs. In addition, the government announced the following changes:

  • Extend the Canada Recovery Hiring Program until May 7, 2022, for eligible employers with current revenue losses above 10 percent and increase the subsidy rate to 50 percent. The extension is intended to help businesses continue to hire back workers and to create additional jobs required for the country’s full recovery.
  • Deliver targeted support to businesses that are still facing significant pandemic-related challenges through the Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program.

Applicants for these programs will need to demonstrate significant revenue losses over the course of 12 months of the pandemic, as well as revenue losses in the current month. For more information, click here.