BC's Economic Recovery Plan

On September 17, 2020, the provincial government released Stronger BC for Everyone: BC’s Economic Recovery Plan.
Categories: Business Insurance
Sep 22nd, 2020 | By: CapriCMW

On September 17, 2020, the provincial government released Stronger BC for Everyone: BC’s Economic Recovery Plan. The plan includes $1.5 billion of funding to support businesses, job creation, community development and healthcare improvements.

HIGHLIGHTS

Business Recovery

  • $300 millions in grants ranging from $10,000 to $30,000 for small and medium-sized businesses (between 2 to 149 employees) that have experienced significant and ongoing declines in revenues (tourism businesses will be eligible for up to $40,000).
  • A 15% refundable tax credit on eligible new payroll between October to December 2020, encouraging employers to hire more workers and/or increase salaries for low to middle-income employees.
  • A 100% PST rebate on select machinery and equipment purchased between September 17, 2020 to September 30, 2021.
  • A new $500 million investment fund to help small and medium-sized businesses scale up.
  • $100 million for tourism infrastructure, development initiatives, and marketing, including $50 million to facilitate the recommendations of a new tourism task force dedicated to positioning BC's tourism industry for 2021 and beyond.
  • Grants to bolster growth and innovation in BC agri-tech.
  • Scheduled carbon tax increases will be deferred until April 1, 2021.

Job Creation and Skills Training

  • $20 million for targeted and short-term skills training programs for high-demand jobs, such as frontline health, childcare and human services.
  • $15 million to expand Indigenous skills training and education programs, helping Indigenous communities  access new employment opportunities.
  • Accelerating the creation of 1,200 affordable childcare spaces so that more parents can return to work.
  • Stimulating the creation of high-paying, clean-tech jobs through a new Centre for Innovation and Clean Energy.
  • Grants for non-profit organizations that hire individuals living with disabilities and facing barriers to employment.

Community Development

  • $375 million for local government services and community infrastructure projects, including $100 million in grants for shovel-ready projects.
  • Over $1 billion in provincial and federal investments towards public transit.
  • $540 million in federal and provincial funding for muncipalities to deliver essential services and address local challenges worsened by COVID-19.
  • Investmentin bringing high-speed internet connectivity to rural and remote communities.
  • Over $45 million to help schools keep staff and students safe during the pandemic. 

Healthcare Improvements

  • Over 7,000 new frontline healthcare workers will be hired, including thousands of care aides in long-term care homes and 600 contact tracers to help manage and stop  the spread of COVID-19 in the community.
  • Increased support for mental healthcare in the workplace.
  • A new Hospital at Home initiative allowing patients to receive medical services in their own home.

For full details of B.C.’s Economic Recovery Plan, see the official news release and download the full report.

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