Summerside, PE (April 20, 2021) – The Greater Summerside Chamber of Commerce notes yesterday’s budget had many positives for businesses as they look to adapt and recover from the pandemic, but our longer-term economic health will depend on the government managing debt and deficits.
The Government of Canada announced its 2021 Budget with a deficit of $154.7 billion. The Budget committed to continuing much needed support programs for business into the fall, such as the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) and introduced new proposals such as a plan to implement a national childcare program.
“It was encouraging to hear the extension of support programs like CEWS and CERS. These programs will help to ensure the hardest-hit sectors and small businesses survive until they can become self-sustaining again.” said Tara Maddix, Executive Director. “The Chamber is interested in learning additional details regarding the implementation of the newly proposed programming so that we can assist our members in navigating these supports.”
Several other key investments in supporting our economy and its recovery were noted:
- $500 million Canada Community Revitalization Fund over the next two years through Atlantic Canada Opportunities Agency to support main street revitalization.
- $1 Billion package of tourism supports for local tourism businesses, festivals, and cultural events.
- $424 million in 2021-22 to ensure the safe reopening of Canada’s borders.
- The Canada Recovery Hiring Program, for businesses to hire new workers or increase the hours of existing employees and continue to operate without the fear of not being able to pay staff.
- Reskilling and upskilling to get Canadians back to work, as well as producing better data on labour market demand in individual communities and building talent pipelines based on employer needs.
- The commitment to a national $10-a-day childcare program by 2026 supporting Canadian parents to save on childcare costs and draw more women into the workforce, countering gender disparities in the labour market.
- $300 million in funding to support Black Entrepreneurship and other underrepresented entrepreneurs.
- Investments in green recovery, including the establishment of a Natural Infrastructure Fund to support conservation and biodiversity, while mitigating the impacts of climate change.
The Greater Summerside Chamber of Commerce remains willing to work with all levels of Government to support a robust and revitalized private sector as we recover from the COVID-19 pandemic.
To view the 2021-2022 Federal Budget click HERE.