Summerside, PE – The Greater Summerside Chamber of Commerce is encouraged by the investments announced for our business community in the 2021-22 provincial operating budget.
The reduction in the small business tax rate to 1 per cent will position Prince Edward Island at the lowest rate in Atlantic Canada while the increase of the Basic Personal Amount to $11,250 puts more money in the pockets of lower-income workers.
“The GSCC is encouraged to see the supportive programs and initiatives for PEI business community presented in today’s budget,” says Pam Schurman-Montgomery, President of the Greater Summerside Chamber of Commerce. “We recognize and appreciate the challenges we all face as we move forward recovering from the significant economic losses the pandemic has inflicted on us.”
A new Tourism Activation Fund non-repayable grant to assist with reopening costs will have a positive impact on our tourism and hospitality businesses; however, with no date yet committed to opening the Atlantic Bubble, operators are still unsure when the province will reopen to visitors.
The Chamber looks forward to learning more about the new Workforce Development Agency. Many employers faced labour gaps and skill shortages before the pandemic and in some cases are now experiencing a greater strain.
The Chamber references several other investments in supporting our economy and its recovery:
- A $1 million micro-loan program to provide Islanders who identify as BIPOC, indigenous, women, and 2SLBGTQIA+ individuals and youth with financing to start a new business venture or support an existing one.
- New Small Business Assistance Grant will help small business owners and entrepreneurs access professional services and advice in finance, marketing, quality control, and production efficiencies to support their success. Applicants will receive a 50% reimbursement of up to $4,000 to provide such services.
- Making permanent the Web Presence Assistance program, which provides small businesses and not-for-profits up to $1,000 to develop and launch a traditional website and up to $2,500 to build and launch an e-commerce site.
- New Innovation Fund to help businesses refine and commercialize innovative products and services and a new Strategic Improvement Fund to help businesses access professional expertise that will help them with operational efficiencies, quality assurance, and capacity building.
The Chamber recognizes the challenges faced by the current government and remain willing to be a partner in the next steps ahead. The budget today signals to businesses that Prince Edward Island values a competitive private sector and aims to strengthen it with the announcements made.
To view the 2021-22 provincial operating budget, click HERE.