Government support programs for businesses are a great way to get your vision off the ground or get through tough times. You can take advantage of what the Government of Canada offers in the 2021 Federal Budget. Read on to learn more.
The COVID-19 Pandemic seems to be never-ending. Many businesses have been severely hurt by restrictions – some more than others. With hope on the horizon, we ALL have to be aware of the risk of a future event affecting our businesses. A big part of staying ahead will be technology and digital business models.
As highlighted by RBC, the recent 2021 Federal Budget has four key takeaways to help businesses recover and prepare for the future.
Canadian Emergency Wage Subsidy (CEWS) & Canadian Emergency Rent Subsidy (CERS) for businesses
These programs were set to expire in early June 2021. These have been extended until September 2021; however, they will decrease in July. The government said they will be looking to continue these programs until late November 2021 if necessary.
Canada Recovery Hiring Benefit for business owners
A new hiring subsidy is coming, the Canada Recovery Hiring Benefit, that will help offset the costs of hiring or increasing staff hours. The program will be available from June to November 2021. Employers will receive the higher of the two benefits when there is an overlap with other programs. This is for businesses that have experienced a loss of revenue due to COVID.
Digital transformation initiatives for e-commerce
The Government of Canada promises $1.4 billion over the next four years to help smaller businesses adopt e-commerce. There will also be digital grants and some money for growing companies.
Training and education programs
The Government of Canada is promising $1.5 billion in training and education programs funding. The purpose is to help the labour market improve their skills to be more relevant to the current needs of small businesses. In addition, they promise a nearly $1 billion investment in the Sectoral Workforce Solutions Program that will work with employers and associations to design and deliver relevant training.
More information about the Canadian 2021 Federal Budget is available from RBC and the Government of Canada. There will be more information released about these programs in the future. Please note that The Government and these programs could change at any time. Best to take advantage while they are available.
Government support programs for businesses are always around. But leaders change, and so do the programs. We’re here to help you get the most out of what the government has to offer your business. Don’t hesitate to contact us if you have questions that KATA Accounting Solutions Professional Corporation can help you with.