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 is offering 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.
The recent 2021 Federal Budget has four key takeaways to help businesses recover and prepare for the future, as highlighted by RBC.
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, will be decreasing 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
There is a new hiring subsidy 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 of 2021. Employers will receive the higher of the two benefits when there is overlap with other programs. This is for businesses that have experienced loss of revenue due to COVID.
Digital transformation initiatives for e-commerce
The Government of Canada is promising $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 funding for training and education programs. 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 are promising a near $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, so do the programs. We’re here to help you get the most of what the government has to offer your business. Please reach out to us if you have any questions that KATA Accounting Solutions Professional Corporation can help you with.
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