This budget is the most small-business-friendly budget in Canadian history.
Small businesses like restaurants, barbershops, and neighbourhood grocers, and the people that work for them, are the cornerstone of our communities and the backbone of our economy. These businesses, and the workers and communities who rely on them, will be critical to our recovery and long-term growth. That’s why Budget 2021 invests in Canada’s businesses so we can create jobs, strengthen the economy, and grow the middle class.
To support small businesses, Budget 2021 will:
- Extend the Canada Emergency Wage Subsidy to keep workers on the payroll;
- Introduce the new Canada Recovery Hiring Program for businesses to hire back staff, hire on new staff, and recover faster;
- Launch the Canada Digital Adoption Program to help small businesses go digital, adopt technology, and stay competitive;
- Improve the Canada Small Business Financing Program to increase maximum loan amount and expand eligibility;
- Take decisive action to lower the cost of doing business by reducing credit card transaction fees;
- Remove barriers to trade between provinces and territories to build a more prosperous economy;
- Support the success of entrepreneurs facing systemic barriers including women, Indigenous, and racialized entrepreneurs
- Invest in the regional development agencies to ensure we create jobs and growth in every part of the country.
This builds on the work we’ve already done to support Canadian businesses through this crisis. Since the onset of the pandemic, we’ve had their backs. We’ve helped more than 5.3 million Canadians keep their jobs and more than 162,000 organizations pay their rent thanks to programs like the Wage Subsidy, the Rent Subsidy, and Lockdown Support. Through the Canada Emergency Business Account, we’ve helped over 866,000 businesses pay their bills. And we will continue to do whatever it takes, for as long as it takes, to support businesses and workers through this crisis, and build back a better Canada for everyone.
To learn more about Budget 2021: Click here.