Saint-Hyacinthe, QC – Today, the Hon. Erin O’Toole, Leader of Canada’s Conservatives, introduced his plan to rebuild Main Streets across the country and help small businesses get back on their feet and create jobs.
“Canada’s small businesses employ millions of people and have been hit hard by the pandemic,” O’Toole said. “They need real support to help rebuild or restart their business and hire back workers – and that’s exactly what Canada’s Recovery Plan will deliver.”
To restore the one million jobs lost during the pandemic and rebuild Canada’s Main Streets, a Conservative government will introduce the Rebuild Main Street Tax Credit. The new incentive will give Canadians an opportunity to support small businesses by providing a 25 per cent tax credit on amounts of up to $100,000 that someone personally invests in a small business over the next two years.
A Conservative government will also introduce the Rebuild Main Street Business Loan, which will immediately make available interest-free loans of up to $400,000 to help small and medium businesses, with up to 25 per cent forgiven depending on revenue losses. These loans are significantly more generous than the Liberals’ $60,000 Canada Emergency Business Account loan, which fell short of the needs of thousands of eligible businesses.
In addition to the Rebuild Main Street Tax Credit and the Rebuild Main Street Business Loan, Canada’s Conservatives will introduce a Canada Investment Accelerator tax credit, which will provide five per cent back for any capital investment made in 2022 and 2023, with the first $25,000 to be refundable for small businesses.
“Canadian small businesses have given back to their communities in countless ways – whether it was sponsoring the local kids’ soccer team or raising money for charity,” said O’Toole. “A Conservative government will have their backs and ensure we secure the future for Canada’s Main Streets.”