The Deputy Prime Minister and Minister of Finance is encouraging all Newfoundland and Labrador businesses to take advantage of programs laid out in the 2020 fall economic statement.

Chrystia Freeland says businesses—whether in tourism or another sector—should apply for the “new-ish” Canada Emergency Rent Subsidy in which businesses can get up to 65 per cent of their rent covered.

The Emergency Wage Subsidy has been increased to 75 per cent—up from 65—and both programs have been extended until June.

Freeland is also encouraging businesses to take advantage of the new Canada Emergency Business Account, or CEBA, loan top-up which is now open for applications.

She says that’s an extra $20,000 businesses can get as a loan but $10,000, or 50 per cent, is forgivable, essentially making it a $10,000 grant. Some 100,000 businesses across the country have already applied.

For hardest-hit sectors like tourism and hospitality, the Deputy Prime Minister says there are some extra supports in place as they understand these sectors need extra help due to travel restrictions.

Freeland says to support businesses in the province, ACOA has received an extra $2-billion since the beginning of the pandemic.

She explains that 25 per cent of that $2-billion is set aside to help the tourism sector. Freeland encourages anyone in tourism to get in touch with ACOA.

Meanwhile, following the release of the 2020 Fall Economic Statement, the Atlantic Canada Airports Association raised concerns about supports for moderate-sized operations like St. John’s International, but the federal government says not to worry.

There is financial support laid out in the document for both small and large airports, but no mention of support for moderate operations.

Freeland says they are very aware of the importance of airports and tourism to the economy and a place like Newfoundland and Labrador.

She says that’s why they very intentionally laid out significant support for airports and regional airlines. If there are concerns in the province that airports like St. John’s International might fall through the cracks, Freeland promises that she will look into it.

Read the article on VOCM here.