Small Businesses
Liberal
- Extend the Canada Recovery Hiring Program to 31 Mar, 2022.
- Help small & medium businesses adopt new tech.
- Increase the Small Business Financing Program maximum loan to $500K, extend coverage to 15 years for equipment & leasehold improvements, & expand eligibility to non-profits.
Extend the Canada Recovery Hiring Program to March 31, 2022, so businesses can hire more workers and Canadians can get back on the job.
Provide Canada’s hard-hit tourism industry with temporary wage and rent support of up to 75% of their expenses to help them get through the winter.
— Forward. For Everyone., retrieved 2021-09-02
We will move forward with our plan to implement the Canada Digital Adoption Program which will:
• Give microgrants of up to $2,400 to smaller Main Street businesses so they can afford the costs of new technology.
• Create training and work opportunities for as many as 28,000 young people so they can assist small and medium-sized businesses in adopting new technology.
• Offer zero-interest loans to small and medium-sized businesses so they can finance larger technology adoption projects.
— Forward. For Everyone., retrieved 2021-09-02
We will move forward with our plan to unleash investments by improving the Canada Small Business Financing Program. This will increase annual financing by an estimated $560 million, supporting approximately 2,900 additional small businesses.
A re-elected Liberal government will:
• Increase the maximum loan amount from $350,000 to $500,000 and extend loan coverage from 10 to 15 years for equipment and leasehold improvements.
• Expand borrower eligibility to include non-profit and charitable social enterprises.
• Introduce a new line of credit.
• Expand loan class eligibility to include lending against intellectual property as well as start-up assets and expenses.
— Forward. For Everyone., retrieved 2021-09-02
Keep moving forward with our plan to boost business investment by allowing privately owned, Canadian-controlled businesses to immediately expense up to $1.5 million of growth-enhancing investments, including in areas like software, patents, and machinery.
— Forward. For Everyone., retrieved 2021-09-02
Conservative
- Provide loans of up to $200,000 for small and medium businesses in hospitality, retail, and tourism, with up to 25% forgiven and similar terms to CEBA loans.
- Make BDC loans accessible to small businesses.
- Fix the mortgage stress test.
• Launching the Main Street Business Loan to provide loans of up to $200,000
° The $60,000 Canada Emergency Business Account (CEBA) loan is too small for thousands of small and medium businesses.
° Canada’s Conservatives will immediately offer a loan on similar terms but offering up to 4 months of pre-pandemic revenue up to a maximum of $200,000
We will forgive up to 25% depending on a company’s revenue loss.
• Making the first $25,000 of our Canada Investment Accelerator refundable for small business,providing a 5% investment tax credit for any capital investment made in 2022 and 2023.
— Canada's Recovery Plan, retrieved 2021-08-18
• Reform BDC to ensure that its loan programs are accessible to small businesses.
° This will include broadening BDC’s mandate to have it guarantee a portion of loans that Canada’s banks make to small business, in the same way that CMHC guarantees mortgages.
• Look for ways to make it easier to start a business and reduce the time that entrepreneurs spend dealing with government when they should be concentrating on their business.
• Fix the mortgage stress test to stop discriminating against small business owners, contractors and other non-permanent employees including casual workers.
— Canada's Recovery Plan, retrieved 2021-08-18
NDP
Green
- Extend wage & rent subsidies until pandemic-related restrictions are fully lifted.
- Hold the small business tax rate at no more than 9%.
- Eliminate duplicative tax filings.
- Streamline approvals for Small & Medium Enterprises to adopt technologies.
- Subsidise the implementation of new clean technologies across all Small & Medium Enterprises.
● Extend wage and rent subsidies until COVID-19 pandemic-related restrictions are fully lifted.
● Hold the small business tax rate at no more than 9%.
● Reduce the paperwork burden on small businesses by eliminating duplicative tax filings and red tape.
● Ensure all new legislation considers the impact on small businesses.
● Reduce bureaucracy and streamline approvals for Small and Medium Enterprises (SMEs) to adopt technologies.
● Promote entrepreneurship training and business support, especially for women, young, racialized and Indigenous entrepreneurs.
● Provide affordable and accessible internet services across Canada, including rural areas.
● Establish a federally funded Green Venture Capital Fund of $1 billion to support viable small local green business start-ups.
● Subsidize the implementation of new clean technologies across all SMEs
— Be Daring., retrieved 2021-09-11