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

Ahead of the provincial election on Oct. 24, Enderby residents put their questions to the Shuswap riding’s three candidates: Greg Kyllo for the BC Liberal Party, Sylvia Lindgren for the BC NDP and Owen Madden for the BC Green Party. The candidates recorded their answers in videos distributed by the Enderby and District Chamber of Commerce. (Salmon Arm Observer image)
B.C. VOTES 2020: Shuswap candidates answer Enderby’s top election questions

The candidates submitted video responses for an all-candidates forum ahead of the Oct. 24 election

Shuswap BC NDP candidate Sylvia Lindgren reports several campaign signs have recently been damaged or removed. (Jim Elliot-Salmon Arm Observer)
Shuswap BC NDP candidate says campaign signs stolen and damaged

Sylvia Lindgren says with pandemic, signs are more important to candidates this election

Curtis Sagmoen
Public warning issued to North Okanagan sex trade workers

RCMP warns workers to stay away from Salmon River Road area

From left, city workers Hugh Bennett, Chris Carr and Teneal Crossman secure the fountain they’ve just removed from McGuire Lake on Oct. 21, 2020 before the ice moves in. (Martha Wickett - Salmon Arm Observer)
Salmon Arm fountain disappears along with summer

No more fountain in McGuire Lake as winter preparations begin

Two pigs roam the Salmon Arm Walmart parking lot during a prior visit photographed by Danielle Burgi. (Danielle Burgi photo)
Pigs trot over for a visit at Salmon Arm shopping centre

Employees say this was the second drop-in from the temporarily free-range porkers

Provincial health officer Dr. Bonnie Henry presents modelling of COVID-19 spread in B.C., March 25, 2020. (B.C. government photo)
B.C. sets another COVID-19 record with 203 new cases

up to 1,766 active cases in B.C., two more deaths

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

(Kelowna Capital News)
B.C. Labour Board orders Peachland cannabis company to reinstate laid-off employees

The B.C. Labour Relations Board determined the employees were laid off due to their plan to unionize

RCMP. (Phil McLachlan - Black Press Media)
British Columbia man dies during ski trip near glacier west of Calgary

Kananaskis Public Safety and Alpine Helicopters responded around 2:30 p.m.

Prime Minister Justin Trudeau arrives on Parliament Hill in Ottawa on Monday, Oct. 19, 2020, following a week-long break for the House of Commons. THE CANADIAN PRESS/Sean Kilpatrick
One crisis after another for Trudeau since last federal election one year ago

It has been a year of unprecedented calamity and crisis

Penticton law courts. (Black Press file)
Osoyoos man in court for alleged shooting

The Oct. 11 shooting left a man with non-life threatening injuries

RCMP. (Phil McLachlan - Black Press Media)
Princeton man on motor scooter refuses to provide breath test to police

The scooter did not have a license plate and was not insured

The Vernon-North Okanagan RCMP located a hidden compartment in a vehicle, leading to a significant drug seizure, police said in a media release Wednesday, Oct. 21, 2020. (RCMP photo)
Vernon RCMP find illicit drugs in hidden vehicle compartment

Police seized 4 kg of methamphetamine from a Jeep involved in a violent hit and run March 24

Most Read