Budget 2021 served up funding for a wide range of programs, individuals, groups, and businesses. While a significant deficit was expected, the Chamber is pleasantly surprised that small and medium-sized businesses were top of mind for support through the recovery of COVID-19.
The extension of the Wage Subsidy (CEWS), the Canadian Emergency Rent Subsidy and the creation of the Canada Recovery Hiring Program will help retain Canadian jobs and give new opportunities for those who have lost theirs or want to start fresh.
Digital adoption has been a necessity for many businesses to remain viable through this Pandemic. The Canada Digital Adoption Program will further their ability to gain access to new markets and new clients.
The tourism and hospitality sectors have been the hardest-hit sectors in Canada. The Federal government has stepped up and assigned money to support festivals, events, sport, and marketing campaigns.
It is no secret that the pandemic disproportionately impacted women. We were thrilled to see that Budget 2021 did not miss this group, providing support for child-care, increased funding for a new National Action Plan to End Gender-Based Violence, and to strengthen the Women Entrepreneurship Strategy. We do not want to lose the momentum and growth that women have had in the business community.
In the same vein, we are happy that the budget also proposes to provide $11 million over two years, starting in 2021-22, to expand the impact of the Canadian Race Relations Foundation, and $200 million for Employment and Social Development Canada to establish a new Black-led Philanthropic Endowment Fund. We must focus on lifting all Canadians and remove barriers that have hindered or derailed a chance for success for all.
While we were happy that the budget was well-rounded and that the deficit was less than expected, it will be our members who ultimately tell us what is missing, what missed the mark, and what could or should have been better. We would love to hear from you. Tell us what you think will work, what needs work and what is missing.
The Chamber will continue to advocate for what is needed, required, and asked for by our business community to retain jobs and businesses and continue back on the path of economic growth for our country and city. We’re in your corner.
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