Premier John Horgan and Minister of Finance Carole James announce B.C.’s Economic Recovery Plan during a press conference at Phillips Brewery in Victoria, B.C., on Thursday September 17, 2020. THE CANADIAN PRESS/Chad Hipolito

Premier John Horgan and Minister of Finance Carole James announce B.C.’s Economic Recovery Plan during a press conference at Phillips Brewery in Victoria, B.C., on Thursday September 17, 2020. THE CANADIAN PRESS/Chad Hipolito

B.C.’s COVID-19 economic recovery plan: Top 5 things you need to know

Jobs training, tax incentives for employers to hire staff and more

The province released information this week on its $1.5 billion economic recovery plan and an additional $660 million in tax incentives for businesses. Details on the plan will continue to be revealed in the coming weeks but here’s what you need to know today:

$190 million in tax credits for businesses that hire more staff

The $190 million in tax credits will be available to businesses who increase their payroll between the third and fourth quarter of 2020. The tax credit will be calculated at 15 per cent of eligible payroll and is meant to reward employers who hire between October and December, and to help them retain employees hired earlier this year. The government believes this will help 50,000 employers and fund 80,000 jobs.

$470 million in PST rebates

Businesses who buy machinery and equipment that is meant to help them expand and survive in a post-COVID environment will receive a PST rebate. The 100 per cent rebate will be effective immediately and be active for the next 12 months. Businesses wishing to take advantage of the rebate must be incorporated.

$300M in grants for small and medium sized businesses

The province said the grants will save up to 200,000 jobs. The money can be used for anything that will help a business diversify for a post-COVID world, marketing, advertising or for short-term fixes needed now. Each business will be eligible for up to $30,000 in funding, with tourism sector businesses eligible for an extra $10,000. Businesses must have seen their revenues drop by 70 per cent and remain no higher than 50 per cent of pre-COVID levels. Eligible businesses must have been operation prior to the pandemic with between two and 149 employees, have been viable pre-COVID and demonstrate a viable past post-COVID.

$50 million tourism task force

The task force will involve Indigenous peoples, business leaders and non-profits working together on a 2021 tourism plan. The task force will begin to allocate the $50 million during the 2020/21 fiscal year.

$117M for jobs training

The $117 million, which is in addition to funding designated to train new health-care workers, will go towards job creation and retraining people who lost their jobs amid the pandemic. The program is meant to keep people employed and will include micro-credentialing programs, work placements and support rural job seekers.

READ MORE: B.C. releases details of $1.5B economic recovery plan, $660M in business tax incentives

READ MORE: Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Coronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Bhagwan Mayer. (Photo submitted)
Organizer of transporting the World’s Largest Hockey Stick to Cowichan remembered

Bhagwan Mayer a “hard-working fellow who cared about his community.”

Paula Foot narrates a collection of stories to appeal to the imaginations of the young and young at heart with a new album​ ‘Moments with Miss Paula: Stories for Fall and Winter’. (Submitted)
New album of stories from Cowichan storyteller offers children a world of magic

The stories will appeal to six-, seven-, and eight-year-olds

The VIJHL's Kerry Park Islanders' games have been cancelled due to COVID-19.
Isles victorious before league shutdown

The Kerry Park Islanders were able to sneak in one last game… Continue reading

Lake Cowichan’s Oliver Finlayson, second from left, and his family — including grandma Marnie Mattice, sister Avery, mom Amie Mattice and dad Blair Finlayson — were all smiles on Nov. 16 when their pool arrived, thanks to lots of fundraising and the generosity of the Cowichan Lake community. (Kevin Rothbauer/Citizen)
Cowichan Lake community comes together to help family get vital pool

Oliver Finlayson, 9, has Duchenne muscular dystrophy and hydrotherapy is a big help

A woman wears a protective face covering to help prevent the spread of COVID-19 as she walks along the seawall in North Vancouver Wednesday, November 25, 2020.THE CANADIAN PRESS/Jonathan Hayward
911 new COVID-19 cases, 11 deaths as B.C. sees deadliest week since pandemic began

Hospitalizations reach more than 300 across the province

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

A photo from 2017, of Nuchatlaht First Nation members outside court after filing a land title case in B.C. ( Submitted photo/Nuchatlaht First Nation).
Vancouver Island First Nation calls on B.C. to honour UNDRIP in historic title case

Nuchatlaht First Nation says Crown counsel continues to stall the case using the ‘distasteful’ argument that the Nation ‘abandoned’ their land

West Vancouver Island’s Ehattesaht First Nation continues lock down after 9 active cases were reported today after a visitor tested positive last week. (Ehattesaht First Nation/Facebook)
Ehattesaht First Nation’s COVID-19 nightmare: nine active cases, a storm and a power outage

The Vancouver Island First Nation in a lockdown since the first case was reported last week

The Ahousaht First Nation confirmed its first case of COVID-19 on Nov. 26, 2020. (Westerly file photo)
Ahousaht First Nation on lockdown over COVID-19

“Emotions are high. The anxiety is high. We want our community to pull through.”

Screenshot of Pastor James Butler giving a sermon at Free Grace Baptist Church in Chilliwack on Nov. 22, 2020. The church has decided to continue in-person services despite a public health order banning worship services that was issued on Nov. 19, 2020. (YouTube)
2 Lower Mainland churches continue in-person services despite public health orders

Pastors say faith groups are unfairly targeted and that charter rights protect their decisions

A big job: Former forests minister Doug Donaldson stands before a 500-year-old Douglas fir in Saanich to announce preservation of some of B.C.’s oldest trees, July 2019. (B.C. government)
B.C. returning to ‘stand-alone’ forests, rural development ministry

Horgan says Gordon Campbell’s super-ministry doesn’t work

Penny Hart is emotional outside the Saanich Police Department as she pleads for helpt to find her son Sean Hart last seen Nov. 6 at a health institution in Saanich. (Devon Bidal/News Staff)
VIDEO: Mother of missing Saanich man begs public to help find her son

Sean Hart last seen leaving Saanich mental health facility Nov. 6

Most Read