Charlottetown, PE: The Greater Charlottetown Area Chamber issued the following statement regarding the Government of Canada’s Fall Economic Statement.
“The Fall Economic Statement provides Canadian businesses with some positive signals of what to expect in the next federal budget and beyond, especially for our hardest-hit industries,” said Chamber CEO, Penny Walsh-McGuire. “We welcome targeted relief support that will keep these businesses solvent and keep Islanders employed.”
The Chamber notes that changes and extensions in certain programs are welcome news, including:
- Raising the Canadian Emergency Wage Subsidy (CEWS) back to 75% until June 2021;
- A top-up of $500M to Regional Development Agencies through the Regional Relief and Recovery Fund, with a particular focus on tourism and hospitality;
- A new Highly Affected Sector Credit Availability Program (HASCAP) to provide low-interest loans of up to $1 Million to some hard-hit businesses;
- The extension of the Canada Emergency Business Account (CEBA) loan until March 31, 2021;
The Chamber looks forward to receiving more details on the commitment of $100 billion over the next three years to stimulate the economy, noting a long-term tailored strategy for recovery and sustainable growth will be needed.
“While this support from our federal government is greatly appreciated, we know that our impacted member businesses welcome a future when they are self-sustaining and not operating on subsidies,” said Walsh-McGuire “The timeline for recovery will be longer for some sectors than others, and there is still much uncertainty ahead.”
To review Deputy Prime Minister Freeland’s Fall Economic Statement, click here.
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For more information, please contact:
Sam MacPhail
Policy and Communications Manager