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

There has been COVID-19 exposures at two elementary schools in District 42. (Image courtesy CDC)
Interior Health reports 24 additional COVID-19 cases

This includes three school exposures in Kelowna

Calvin Domin is running to raise awareness and funds for teen mental health resources. (Photo Contributed)
Locals run to fundraise for youth mental health

Proceeds go the the EKFH’s Not Alone campaign raising money to support the opening of the Foundary

Incumbent MLA Tom Shypitka is contesting Kootenay East for the BC Liberals. (Scott Tibballs / The Free Press)
Wilkinson would have been a great premier: Shypitka

Re-elected Kootenay East MLA responds to resignation of party leader

NDP headquarters on election night, Oct. 24, 2020. (Katya Slepian/Black Press Media)
ELECTION 2020: Live blog from B.C. party headquarters

BC NDP projected to win majority government – but celebrations will look different this election

Tom Shypitka, pictured with his campaign team. on election night, Oct. 24, 2020. Trevor Crawley photo
Updated: Shypitka wins second term; BC NDP cruise to majority

“Election Days,” rather than “Election Day,” may be the more accurate term… Continue reading

Provincial health officer Dr. Bonnie Henry arrives for briefing on the COVID-19 situation, B.C. legislature, Oct. 26, 2020 (B.C. government)
B.C. records 217 more COVID-19 cases, mask use urged

Infection spike continues, 21 senior facilities affected

Slippery roads led to this crash in West Trail on Friday morning. Photo: Trail RCMP
First snow in Kootenays causes multiple crashes; one suspected of involving alcohol

The Trail and Greater District RCMP’s weekly brief contains details on collisions

Pixabay photo
‘Horrific’ abuse of volunteers, staff by parents must stop: Chilliwack soccer club

Parents have become abusive after being told COVID-19 rules, email says

FILE – The Queen of Alberni ferry leaves the Tsawwassen Ferry Terminal in Delta bound for Vancouver Island, Sunday, July 29, 2007. (CP PHOTO/Richard Lam) CANADA
Mechanical failure leaves nearly 200 passengers stranded on BC Ferries ship for hours

A tug arrived after dark to safely nudge the vessel into a berth so travellers could finally disembark

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Ridge Meadows RCMP (Black Press)
Maple Ridge X-ray tech convicted of sexual assault dating back 30 years

Allen James Brooks is expected to be sentenced in January 2021

BC Liberal Leader Andrew Wilkinson leaves the stage after announcing he is stepping down as party leader, during a news conference in Burnaby, B.C., on Monday, October 26, 2020. THE CANADIAN PRESS/Darryl Dyck
Too rural, not enough diversity, soul searching needed, say BC Liberals

Elections BC says there are about 600,000 mail-in and absentee ballots across the province still to count

Prime Minister Justin Trudeau makes his way to provide an update on the COVID pandemic in Ottawa on Tuesday, Oct. 27, 2020. Canada has reached a grim milestone in the COVID-19 pandemic, surpassing 10,000 novel coronavirus deaths. THE CANADIAN PRESS/Sean Kilpatrick
Alberta COVID deaths pushes Canada past milestone of 10,000 deaths

Canada crossed the threshold of 5,000 deaths on May 12, a little over two months after the first was reported

An elderly woman wearing a face mask to curb the spread of COVID-19 walks past an advertisement for a television series in Vancouver, B.C., Sunday, Aug. 30, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. has been under a COVID-19 state of emergency for more than half the year

Province has been under a state of emergency for 32 weeks – and counting

Most Read