The federal authorities is giving $600 million to assist small- and medium-sized companies take care of potential lockdowns amid a second wave of the COVID-19 pandemic, Radio-Canada has discovered.
The funding — geared toward sectors together with tourism, manufacturing and know-how — might be added to the $962 million already invested within the Regional Reduction and Restoration Fund. The announcement might be made at midday ET Friday by Prime Minister Justin Trudeau and CBC Information will carry it dwell.
About $456 million of the brand new cash might be made obtainable to assist companies struggling to bridge their funds via one other lockdown. Will probably be distributed via regional growth companies.
One other $144 million will assist present capital and technical assist to rural companies and communities via the places of work of Neighborhood Futures Canada, which gives small enterprise companies to rural communities.
An infection charges are rising in scorching spots throughout the nation, elevating considerations of government-ordered shutdowns much like these seen within the spring.
Extra lockdowns may very well be deadly for a really giant variety of companies, says Jasmin Guénette, vice-president of nationwide affairs on the Canadian Federation of Impartial Enterprise (CFIB).
“This cash will assist a number of entrepreneurs to get via the disaster, however we’ve to make it possible for these sums can be found rapidly,” Guénette informed CBC Information.
The CFIB estimates that 160,000 or 14 per cent of small- and medium-sized companies in Canada are liable to closing their doorways for good attributable to COVID-19. The tourism, lodge and catering sectors are notably threatened.
A number of federal measures want a “new coat of paint,” mentioned Guénette.
For instance, the CFIB is asking for the industrial lease help program, which expired on Wednesday, to be renewed and made extra accessible to small companies.
The CFIB additionally desires to know extra concerning the extension of the wage subsidy program for companies into subsequent summer season, as was promised within the Trudeau authorities’s speech from the throne.
The minister of financial growth indicated Thursday the federal government was getting ready to offer extra assist.
“Entrepreneurs in Montreal, all throughout Quebec, labored actually arduous to get via the primary wave, then what we need to say to them as we speak is: There may be hope, we’ll assist you to get via the second wave,” Mélanie Joly mentioned in Ottawa, when requested about what assist the federal government will present throughout a second wave.
Joly mentioned she acknowledges that the present scenario may be very tough.
“We all know we’ve to do extra and we’ll do extra,” she mentioned.