Canadian COVID-19 Update | Friday, April 17
April 17, 2020
- The Government announced further funding measures for SMEs having trouble accessing funding to previously announced government programs
- Regional Development Agencies (RDAs) and the Community Futures Network will receive $962M in government funds to assist small businesses
- Please find a guide for contacting your RDAs found in the links here.
- If you are a member in the arts, cultural or sports sectors, $500M is being provided through Heritage Canada for income and liquidity support for individuals and organizations. While details are yet to come, we support our partners in these sectors who are part of the tourism family.
- TIAC President and CEO, Charlotte Bell continues to advocate for this sector emphasizing that it was the first one hit, the hardest hit and requires industry-specific support with liquidity being the most important tool to support tourism from relief through to recovery. While today’s announcement did not specifically address our industry as a whole, conversations continue with the Minister’s office, the Associate Deputy Minister of ISED, and other government officials on the need for immediate measures to support tourism which contributes substantially to the economy and labour in this country.
- TIAC was very happy to see that as of this morning over 250 tourism businesses had responded to our survey in collaboration with McKinsey & Company and Destination Canada to assess recovery measures to help the tourism sector when the COVID-19 crisis subsides.
- Please know that each entry is captured and reported to government officials and decision- makers daily. Your continued participation and input are vital. Thank you to everyone who already participated. Please see the survey details & link below.
- Today, the Prime Minister announced additional supports for workers in the oil and gas sector, the arts and sports sectors, and for rural small businesses.
- These announcements include over $2 billion to create and maintain jobs in the energy sector, including funds to clean up wells and help companies invest in technology to reduce pollution. There is also increased access to liquidity for medium sized businesses in the energy sector.
- For small businesses who do not have traditional relationships with financial institutions, such as smaller rural tourism operators, $962 million will be made available to regional development agencies and Community Futures Canada networks.
- TIAC will provide more details on qualifying criteria and how to access these funds once it becomes available.
- The government is providing $500 million to the arts and sports sectors, for Canadians in this industry who don’t qualify for announced wage supports.
- The Minister of Heritage announced that federal Canada Day celebrations traditionally held in Ottawa will be offered virtually this year.