Every Friday, we publish a weekly update on COVID-19 and its effect on business.
Prime Minister Announces Infrastructure Plan
“By investing in infrastructure, we are strengthening our communities and ensuring good jobs for today and in the future. We will continue to do what it takes to support Canadians through this crisis, safely get our economy back up and running, and get people back to work.” – The Rt. Hon. Justin Trudeau, Prime Minister of Canada
As an effort to create jobs and grow the economy, the government has announced a plan to invest $10 billion in infrastructure that will result in job creation – making the Canadian economy more sustainable and resilient. As detailed on the official website of the Government of Canada:
The Growth Plan will invest in five major initiatives:
- $2.5 billion for clean power to support renewable generation and storage and to transmit clean electricity between provinces, territories, and regions, including to northern and Indigenous communities.
- $2 billion to connect approximately 750,000 homes and small businesses to broadband in underserved communities, so Canadians can better participate in the digital economy.
- $2 billion to invest in large-scale building retrofits to increase energy efficiency and help make communities more sustainable.
- $1.5 billion for agriculture irrigation projects to help the agriculture sector enhance production, strengthen Canada’s food security, and expand export opportunities.
- $1.5 billion to accelerate the adoption of zero-emission buses and charging infrastructure so Canadians can have cleaner commutes.
For more information about the new $10 billion Growth Plan, read the Prime Minister’s entire statement here.
The Regional Relief and Recovery Fund Adds $600 Million
The Regional Relief and Recovery Fund (RRRF) has helped more than 12,000 Canadian businesses that have struggled due to COVID-19 and have not been deemed eligible for other pandemic-related assistance. On October 2nd, Economic Development Minister Melanie Joly said that of the $600 million addition, $456 million is designated to go to SMEs that are experiencing difficulties keeping employees and maintaining costs.
The announcement brings total support through the Regional Relief and Recovery Fund to more than $1.5 billion. Additional facts about RRRF include:
- RDAs will deliver $455.7 million to small- and medium-sized enterprises (SMEs) and organizations facing financial pressure
- Another $144.3 million is to provide rural businesses and communities with access to capital and technical support and will be delivered by Community Futures Development Corporations across the country.
- This relief is in addition to $962 million previously announced to establish the RRRF. These funds have assisted over 12,000 SMEs challenged by liquidity issues due to the pandemic.
- RRRF complements other federal relief measures and COVID-19 supports provided by other levels of government.
For more information about the additional relief funding that is now available for local businesses across Canada, click here.
While the coronavirus continues to spread quickly, it is important to remember that only a small percentage of patients need special treatment to recover. Trusted health experts continue to emphasize that the general population shouldn’t panic and should instead focus on practicing proper hygiene, such as hand-washing and refraining from touching the facial area.
View our full library of COVID-19 resources here.