Loss of 25% of their revenue in the last month will trigger wage and rent subsidies
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The federal government announced key changes to aid for businesses including those in the restaurant and hospitality sector in light of new restrictions across Canada to deal with the Omicron variant of COVID-19.
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The changes announced Wednesday by Prime Minister Justin Trudeau and other top government officials, include expanding existing programs to allow more businesses to qualify for aid by taking into account the impact of new restrictions on capacity in provinces including Quebec, Ontario and Nova Scotia.
“We’re going to be there for the hardest hit regions, for specific sectors like art and culture, hospitality and tourism,” Trudeau said during a virtual news conference.
“We will be there to keep you and your family safe.”
Minister of Finance and Deputy Prime Minister Chrystia Freeland said the tweaks will allow businesses to qualify for wage and rent subsidies under the government programs if they have lost 25 per cent of their revenue in the past month.
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Public companies that take aid will have it clawed back if they increase executive compensation while taking the funds, Freeland said. They will also be ineligible if they pay dividends, she said.
The federal government announced targeted aid last week to help businesses cope with the ongoing COVID-19 pandemic, but restaurant and small business groups said it was already outdated in light of fresh restrictions across the country to deal with the fast-spreading Omicron variant of the virus.
More to come …
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With files from The Canadian Press
