Some good news in #Budget2021 for small business: extension of the rent/wage subsidy to the fall, a major new hiring incentive and a promise of lower credit card processing fees.
Here is CFIB's full release: cfib-fcei.ca/en/media/news-…
Sadly, the federal budget does absolutely nothing to fix the many gaps in access to CEWS, CERS or CEBA. New firms and thousands of others remain entirely left out. Fixing this is CFIB's top priority.
I thank Deputy PM @cafreeland for listening to CFIB's advice in creating a significant new hiring incentive for small business. This will be be a powerful recovery measure allowing small firms to bring back their staff and get back into job creation mode.
CFIB is pleased to see a fresh promise to lower credit card processing fees for small business. Fees for online/telephone based transactions are much higher than in-store fees. This needs to change.
Sadly, the federal budget does nothing to lower the rising COVID debt levels facing small business owners. The average small firm has taken on $170K in fresh COVID debt. Hiking CEBA to $80K & forgiving 50% (and forgiving a % of HASCAP) is desperately needed.
CFIB will call on MPs to reject the new luxury tax on some boats, cars & trucks on behalf of the many small firms involved in these business sectors.
It appears there is no pause on the many tax hikes expected later this year (liquor, CPP, carbon). Small firms have no capacity to pay more, especially as only 56% of small firms are fully open at this stage.
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