New federal benefits will be discussed in Parliament, replacing the Canada Economic Stimulus Benefits (CEP) and other programs that expired on October 23.
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This is one of the Liberal Government’s top legislative priorities. Finance Minister Chrystia Freeland presented her plan on Wednesday, the day after the Throne Address.
The minister presented the initiative as “the last stage of the renaissance.” The goal is to adopt everything before the holiday.
Bill C-2 specifically provides for an extension through May 7 of the Employment for Canada Economic Recovery Program, which will be available to employers who have experienced a reduction in income of more than 10%. The support rate rises to 50%, which means that the federal government will be able to cover half of the losses incurred.
Canadian press photos
Chrystia Freeland, Federal Minister of Finance
In an effort to better “target” government assistance so that it is productive, Minister Freeland proposed three new aid measures: Tourism and Hospitality Recovery Program, Business Recovery Program. The most affected in addition to the local containment support program.
Targeting tourism and leisure
As its name implies, the Tourism and Hospitality Recovery Program will be offered to companies operating in the catering and hospitality sectors: not only hotels, tour operators, travel agencies and restaurants do it – they celebrate, but also camps, casinos and cinemas.
It will take the form of a rent subsidy and/or wage subsidy of up to 75%.
The other two services mainly target companies located in places where the epidemic situation is worrying and may force the implementation of new health restrictions.
The Hardest hit Business Recovery Program provides 50% support to businesses experiencing losses due to health measures imposed in the wake of the sudden increase in cases. All kinds of business are eligible.
For its part, the Local Containment Support Program is directly targeting companies that should close in the event of containment.
Not only for companies
The plan in C-2 also includes direct assistance to workers who will bear the burden of a sudden shutdown as well.
Thus, the entitlement to the new Canadian Containment Workers provides a support of $300 per week whose work is affected by the health measures. This feature will be introduced until May 7th and can be applied retroactively until October 24th.
Finally, the Canadian Economic Stimulus Benefit (PCRE) has already expired for the majority of recipients, but Minister Freeland suggested it be preserved for family caregivers. In addition, there will be an extension of the satisfactory Canadian economic stimulus benefits, through May 7.
Ryan MacDonald is a contributor at Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. He focuses on clear, accurate reporting and delivering useful information that helps readers stay informed about current events and community developments. Ryan is committed to presenting stories in a balanced and accessible way, highlighting issues, trends, and updates that matter most to readers in Vaughan and across Canada.