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

Just Posted

Candice Woloshyn prepares her flower beds for the next season at her ‘Dirty Girl Flowers’ farm in Merville. Despite the pandemic, Woloshyn was able to sustain her homegrown business as community members opted for regular deliveries of fresh cut flowers. Photo by Binny Paul/ Campbell River Mirror.
Vancouver Island flower farmers were blooming as the pandemic wilted everything else

Floriculturists saw increased subscriptions as fresh flowers became a ‘sight for sore eyes’ during isolation

Struggling to afford rent, Sylvia Bailey is hoping to trade her love of cooking for some more affordable accommodation. (Photo courtesy of Sylvia Bailey)
Retired Victoria woman looking to cook, clean or garden in exchange for rent

Sylvia Bailey is hoping to use her love for cooking to help afford rent

View Royal Coun. John Rogers stands next to an unearthed home heating oil tank. As a way to prevent environmental disasters, he is lobbying for a provincial registration system and mandatory inspection for all above-ground tanks, as well as a requirement to remove any underground tanks not used for a prescribed period of time. (Don Descoteau/News Staff)
Efforts to regulate Greater Victoria home heating oil tanks continues

View Royal councillor part of movement to identify old tanks, prevent catastrophic leaks

International Bat Week (Oct. 24-31) is a time for people to learn more about the nocturnal creatures and how to protect them. (Photo by Cory Olson)
Holy Halloween, it’s Bat Week!

Bats have been getting a bad rap — B.C. Bat Program looks to change that

Wind and waves were part of the reason why the Sail Canada High Performance Team selected HMCS Quadra as the winter training base for Tokyo 2021. Photo by Ken Dool
National sailing team prepares for Olympics at Vancouver Island location

Sail Canada picks military facility at 19 Wing Comox for wind, waves and accommodations

FILE – Provincial Health Officer Dr. Bonnie Henry provides the latest update on the COVID-19 pandemic in the province during a press conference in the press theatre at Legislature in Victoria, B.C., on Thursday, October 22, 2020. THE CANADIAN PRESS/Chad Hipolito
B.C. shatters COVID-19 records with 817 weekend cases; masks now expected indoors

Three people have died over the past three reporting periods

The voting station mimicked a real voting station in Nicole Choi’s classroom at Chilliwack middle school on Oct. 22, 2020, where students had to show their ID (student cards), be checked off a list, and mark a secret ballot behind a screen. (Jessica Peters/ Chilliwack Progress)
B.C. students choose NDP majority in mock election

More than 90,000 youth took part in school-based election process

Crew transport bus at the Trans Mountain pipeline project work site in Burnaby, March 2020. (Trans Mountain)
Check your workplace COVID-19 safety plans, Dr. Henry urges

Masks in public spaces, distance in lunchrooms for winter

Kelowna City Hall has been vandalized overnight. (Michael Rodriguez - Capital News)
Kelowna City Hall hit by anti-pandemic vandalism

Graffiti condemning the virus appears overnight on City Hall

FILE – A woman smokes a marijuana joint at a “Wake and Bake” legalized marijuana event in Toronto on October 17, 2018. THE CANADIAN PRESS/Christopher Katsarov
Home nurse visits could play big role in reducing cannabis use, smoking in young mothers

The program, dubbed the BC Healthy Connections Project, involves public health nursing home visits

Emergency crews respond to an apartment fire on Tuesday, Oct. 20. (PHOTO COURTESY JERRY FEVENS)
Port Alberni RCMP investigate possible arson

Fire was contained but three people displaced in aftermath

Graham Hughes, front, who ran as an independent candidate in the B.C. provincial election, sits with half a dozen supporters in front of Our Home on Eighth shelter, where Hughes is protesting the way homelessness has been dealt with in Port Alberni, on Sunday, Oct. 25, 2020. (SUSAN QUINN/ Alberni Valley News)
Protesters occupy Port Alberni’s shelter

Former election candidate leads sit-in outside to protest homelessness

Jordan Jay Ward, 20, is wanted Canada-wide for manslaughter. (Calgary police photo)
UPDATE: ‘Suspicious’ man seen in Parksville woods not manslaughter suspect

Hikers say he resembled Jordan Jay Ward, wanted Canada-wide

Most Read