In the speech from the throne delivered on September 23, 2020, the federal government announced the extension of the Canada Emergency Wage Subsidy (CEWS) into the summer of 2021.
The throne speech was delivered by Gov. Gen. Julie Payette, on behalf of Prime Minister Justin Trudeau, and is intended to lay out the federal government’s priorities heading into the final quarter of 2020.
Addressing the loss of jobs as “the clearest consequence of the global economic shock,” the speech announced the extension of the federal wage subsidy as part of a government campaign intended to create over one million jobs and to restore employment to pre-pandemic levels through direct investments in the social sector and infrastructure, immediate skill training, and employer incentives to hire/retain workers.
Additional measures outlined in the throne speech to support small businesses and job-creation include:
- Expanding the Canada Emergency Business Account to help businesses with fixed costs;
- Improving the Business Credit Availability Program;
- Introducing further support for industries that have been the hardest hit, including travel and tourism, hospitality, and cultural industries like the performing arts; and
- Scaling up the Youth Employment and Skills Strategy, to provide more paid work experiences next year.
For more information on government support and funding solutions for your business contact us and speak with one of our innovation and business growth advisors