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Updated Pandemic Subsidies Announced

Updated Pandemic Subsidies Announced

Image by mohamed Hassan from Pixabay

Out with the old and in with the new: Updated subsidies announced

Date: October 26, 2021
Source: RSM Canada
Authors: Jen Reid and Danielle Wallace

With several COVID-19 support measures now expired as of Oct. 23, 2021, the federal government announced new targeted measures that will continue to provide pandemic support to eligible businesses in hard-hit industries.

Among these new measures is the Tourism and Hospitality Recovery Program (THRP), which will provide support to an industry that suffered a significant decline in revenue due to ongoing lockdowns, border closures and other COVID-19 public health restrictions.

The Hardest-Hit Business Recovery Program was also introduced and will target organizations that do not qualify for the THRP, but that have also suffered significant revenue decline throughout the pandemic.

The government has also proposed to increase the aggregate monthly cap on eligible expenses that can be claimed under the CERS program. Currently, businesses are limited to an aggregate monthly cap of $300,000 on eligible expenses.

Lastly, the Canada Recovery Hiring Program has been extended beyond its planned expiry of Nov. 20, 2021, with a proposed extension to May 7, 2022 at an increased rate of 50%.

Click here to read the full article: https://rsmcanada.com/our-insights/tax-alerts/out-with-the-old-and-in-with-the-new-updated-subsidies-announced.html