Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Supply Chain Disruptions Cutting Manufacturing
Manufacturers say supply chain disruptions are cutting into their production and raising costs, putting the recovery of the sector and the overall economy at risk. In a survey by Canadian Manufacturers and Exporters, nine out of 10 companies are grappling with supply chain issues.
Residential Investment Grew 15.7%
Investment in Canadian residential structures hit a new record high last quarter, with the seasonally adjusted annual rate of residential investment hitting $248.2 billion in Q4 2021. This figure represents a 6.61% increase from the previous quarter and 15.7% higher than a year before.
Government Invests in Economic and Community Growth in Downtown Winnipeg
The government announced an investment of $2,587,635 to support nine businesses and organizations in downtown Winnipeg, as they continue responding to challenges brought about by COVID-19. These funds are provided through the Canada Community Revitalization, COVID-19 Tourism Relief, and Regional Relief and Recovery funding programs.
Tourism Boost in Alberta
The government announced an investment of over $1.3 million to strengthen the resiliency of the Indigenous tourism sector and continue to showcase Alberta as a premier tourism destination.
Pandemic Support for Commercial Tenants
Businesses, non-profit organisations, and charities who have seen a drop in revenue during the pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses through one of the following:
Tourism and Hospitality Recovery Program (THRP) – Rent (Effective: Until 7 May 2022)
Hardest-Hit Business Recovery Program (HHBRP) – Rent (Effective: Until 7 May 2022)
Grant for Small Businesses in Ontario
Ontario is rolling out a new $10,000 grant for small businesses forced to close due to the pandemic. Eligible businesses include gyms, museums and galleries, tour services and before- and after-school programs.
COVID-Business Aid Loan Repayment Extended to 2023
Originally, if claimants repaid the balance of their Canada Emergency Business Account loan on or before the end of 2022, the government planned to forgive up to one-third of their loan. Now, eligible businesses “in good standing,” will have until 31 December 2023 to repay and be eligible for up to $20,000 of debt forgiveness.
Canada Worker Lockdown Benefit Open for Applications
The federal government announced that the Canada Worker Lockdown Benefit is open for applications. It gives temporary income support of $300 a week to employed and self-employed people who can’t work due to a COVID-19 lockdown. Payments will be retroactive to 19 December.
COVID-19 Recovery Programs
The government is taking immediate action to support Canadians and businesses facing hardship due to the COVID-19 pandemic. You will find support for individuals, businesses, sectors, communities, and other measures here.
Ontario Extends Paid Sick Leave Program Into 2022
Labour Minister Monte McNaughton is extending the pandemic paid sick leave to 31 July. Originally, the provincial program was supposed to wrap up on 31 December. However, with the more contagious Omicron variant, the Labour Minister announced that it would continue.
HASCAP Loan Applications
Loan applications from the Highly Affected Sectors Credit Availability Program (HASCAP) is available until 31 March 2022. Loans start at between $25,000 and $1 million for a single business depending on the size of the operation, and run up to $6.25 million for companies with multiple locations like a chain of hotels or restaurants. Further details can be found here.
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Contact us if you have any questions or want to discuss the next steps for your business.