Ottawa beefs up loans for hard-hit sectors — but big airlines not included for now
Ottawa is rolling out a wave of new funding for pandemic-battered industries including tourism, the arts and regional aviation, with smaller companies top of mind -- and large airlines notably absent.
The Liberal government's fiscal update sketches out a program that will provide low-interest loans of up to $1 million for badly hurt entrepreneurs.
The fall economic statement says the program, which comes on top of a newly expanded emergency loan program already in place for small businesses, will offer interest rates below the market average.
Meanwhile the devastated tourism sector will have access to one-quarter of the more than $2 billion that Ottawa is doling out to regional development agencies through June 2021, including the $500-million top-up announced today.
The fiscal update reveals that another $181.5 million will flow to show business and performers via the Department of Canadian Heritage and the Canada Council for the Arts.
Rent relief and nearly $700 million in capital investments are en route to airports over six years, while $206 million in support is bound for regional airlines, but an aid package targeting big players such as Air Canada remains in the works as talks with Ottawa continue.
- Source: Ottawa won’t provide CFL with interest-free loan in 2021
- Heritage Canada outlines distribution of $500 million of arts and culture COVID-19 support
- Ottawa To Provide $15 Million for Tree Planting Program After Doug Ford's Cuts
- Feds top up relief fund with $600 million to help small- and medium-sized businesses
- Trudeau announces cash for loans, support to Black Canadian entrepreneurs
- Mississauga and Brampton face curfews, travel ban as Ford plans next COVID move
- City of Mississauga planning controlled burn of portion of popular park this weekend
- 401 closed as Mississauga woman killed in early morning collision
- 855,000 vaccines that were to have arrived last week are now in the Canada
- Mayor of Brampton Patrick Brown and wife celebrate birth of baby girl