Feds replace relief programs with targeted support
In an effort to reduce spending, the federal government announced two new targeted relief programs to replace now-expired subsidies.
The Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program will be accessible to fewer businesses than previous programs. The wage and rent subsidies, specifically, were widely used by businesses across Canada to ride out the pandemic recession. Both programs ended Oct. 23.
Eligibility for the new programs requires businesses to show significant revenue loss over 12 months of the pandemic as well as in the current month.
The Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program will be accessible to fewer businesses than previous programs. The wage and rent subsidies, specifically, were widely used by businesses across Canada to ride out the pandemic recession. Both programs ended Oct. 23.
Eligibility for the new programs requires businesses to show significant revenue loss over 12 months of the pandemic as well as in the current month.
- The Tourism and Hospitality Recovery Program provides wage and rent support to hotels, tour operators, travel agencies and restaurants, with a subsidy rate of up to 75 per cent.
- The Hardest-Hit Business Recovery Program provides support for other businesses that have faced deep losses, with a subsidy rate of up to 50 per cent.
