Minister Ng highlights the 2021 budget, investments to support small businesses and entrepreneurs

WindsorESSEX, ON, April 30, 2021 / CNW / – The 2021 budget is the government’s plan Canada With the goal of leading the fight against COVID-19 and ensuring a strong and lasting economic recovery for all Canadians.

Today the Minister of Small Business, Export Promotion and International Trade, Honorable Mr. Mary NgAccompanied by the Parliamentary Secretary of the Minister of Employment, Workforce Development and Disability Inclusion, and a Member of Parliament, for WindsorTecumsehAnd the Eric Cosmerczyk, Participated in a round table with representatives of SMEs from the region WindsorEssex On 2021 budget: Recovery focused on jobs, growth and resilience.

The recession caused by COVID-19 has disproportionately affected low-income workers, youth, women, and Racist Canadians. As for business, it is a two-level recession, some have found ways to adapt and grow, while many others, especially small businesses, are still struggling to survive. The 2021 budget is an unprecedented investment aimed at mitigating the effects of the COVID-19 recession, putting people first, creating jobs, developing the middle class, and putting companies first on the path to sustainable growth. With the 2021 budget, we guarantee a future Canada It will thrive as well as fairer, greener and prosperous.

Minister Ng also focused on measures to increase women’s participation in the economy, support diversification of entrepreneurship and participation in recovery, and help Canadian companies adjust to the new digital economy.

She noted that it was one of the most favorable budgets for small businesses in the country’s history. These include extended contingency measures such as emergency wage support for Canada And the contingency grant from Canada For rent, and incentives to reassign employees at the time of the takeover, such as the New Employment Recovery Program Canada. In the 2021 budget, the government is committed to making significant investments to help companies that want to increase their online presence and re-employ their workers to take measures to reduce card and credit related transaction fees and improve support for exporters.

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Protecting health and keeping Canadians safe, especially during this third wave of the pandemic, amid the more aggressive variants of the virus, remain among the Canadian government’s top priorities. Canada. The vaccine is distributed throughout CanadaWith the support of the federal government in each province and territory.

The 2021 budget is a plan to provide a gateway to Canadian and Canadian companies during the crisis and to ensure a robust recovery. It will support the creation of nearly 500,000 new training and employment opportunities, including 215,000 opportunities for young people. It will provide support to companies in the most affected sectors, such as tourism, arts and culture; It will accelerate investment and digital transformation of small and medium-sized enterprises. The 2021 budget is a plan that puts the government on track to fulfill its commitment to create 1 million jobs by the end of the year.

Financial situation for Canada It was excellent when the pandemic struck. This has enabled the government to take swift, decisive and responsible action, to support individuals and businesses, and to be in a good position to ensure the success of the strong recovery in the country.

Quotes

“Now is the time to act and build an innovative, inclusive and sustainable future. We will continue to provide Canadians with the support they need to conquer the pandemic, but we will also invest now until Canada Experience robust recovery and long-term, sustainable and inclusive growth. By fully supporting Canadians and Canadian companies, including corporations WindsorEssexWith this budget, we act in a way that is more responsible for our economy and our future. “
Respected Minister of Small Business, Export Promotion and International Trade Mary Ng

“Local companies, their owners, and their employees are the backbone of our community. The resilience and ingenuity they have shown in tackling this pandemic still impresses me. Our government is committed in its 2021 budget to continue supporting workers and small businesses in WindsorEssex During this strong third wave, and to ensure a strong recovery for everyone. “
– Parliamentary Secretary to the Minister of Employment, Workforce Development and Disability Integration and Member of Parliament for WindsorTecumsehAnd the Eric Cosmerczyk

The facts briefly

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  • The 2021 budget proposes $ 101.4 billion in investment over three years as part of the government’s growth plan. Canada It creates good jobs and supports a flexible and comprehensive recovery. The main measures are as follows:
    • Expanding emergency support measures to help Canadians and businesses across the country through the recovery, including:
      • Extending Emergency Wage Support to CanadaEmergency grant from Canada For rent and support measure in case of reservation until September 25, 2021.
      • Implementation of the new employment program for the economic recovery Canada For eligible employers who are still experiencing a decline in eligible earnings since the start of the pandemic.
      • Extend the number of weeks eligible for primary income support for Canadians, such as Canada’s economic stimulus benefits and economic stimulus benefits for a Canadian caregiver.
    • Supporting SMEs in transformative initiatives, such as:
      • Launch of a new Canadian digital adoption program that will directly help more than 160,000 companies switch to new technologies and do business online. They will also be able to receive the guidance they need to get the most out of these technologies, with the help of nearly 28,000 young Canadians who will be trained to work with them.
      • Empowering Canadian small businesses to spend up to $ 1.5 million in capital investments in a wide range of assets, including digital technologies and intellectual property. That’s an additional $ 2.2 billion investment in Canadian entrepreneurship development over the next five years.
      • Improve the Small Business Finance Program for Canada :
        • Annual funding increase of $ 560 million, which will support nearly 2,900 additional small businesses.
        • Modification Small Business Finance Act for the year Canada And related regulations.
          • Expand eligibility for loan categories to include loans related to intellectual property, as well as business start-up assets and expenses.
          • Increase the maximum loan amount from $ 350,000 to $ 500$ 000 and Extending the loan coverage period from 10 years to 15 years for equipment and leasehold improvements.
          • Expanding the borrower’s eligibility to include non-profit companies and charitable social institutions.
          • Launching a new line of credit products to provide liquidity and meet short-term working capital needs.
    • $ 7.2 billion additional funds saved over seven years (on a cash basis), starting in 2021 –2022 and $ 511.4 million later for the Strategic Fund to support innovative projects in life sciences, automobiles, space and agriculture.
    • Allocating $ 60 million over two years, starting from 2021-2022, for the initiative of super-innovation clusters, so that these giant clusters, which made urgent investments to support Canada COVID-19 and other investments, could continue to support innovative Canadian projects.
    • Supporting a diverse group of entrepreneurs through additional investments that improve inclusion in our economy, including investments in the Women Entrepreneurship Strategy and the Entrepreneurship Program in Black Societies, as well as investments aimed at supporting indigenous entrepreneurs.
    • Investing $ 30 billion over the next five years to implement the early education and childcare system across Canada, in partnership with regional and regional partners and indigenous peoples, which will help all families obtain affordable, flexible and high-quality childcare services, no matter where they live.
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SOURCE Innovation, Science and Economic Development Canada

For more information: Yumi Han, Press Secretary, Office of the Minister of Small Business, Export Promotion and International Trade, 343-551-0246, [email protected] ; Media relations, innovation, science and economic development in Canada, [email protected]

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