The B.C. Government released details of its $1.5 billion post-COVID-19 economic recovery plan Thursday afternoon.
A total of $1.19 billion has been allocated to new expenditures across four broad categories:
- “Recovery for People” – $169 million
- “Recovery for Communities” – $368 million
- “Recovery for Businesses” – $405 million
- “Building Better Futures” – $250 million
Additionally, $300 million has been allocated for the hiring of approximately 7,000 new frontline health care workers.
Some significant new measures contained within the nearly 40-page plan, titled “Stronger BC for everyone,” include:
- $300 million for a new Small and Medium-sized Business Recovery Grant, including enhanced amounts for tourism operators
- $90 million in new funding for the Connecting British Columbia program to help bring high speed internet to more communities and along major routes
- $15 million for Indigenous Community Skills Training and Education
- $21 million in supports for the arts and culture industry, “while crowd restrictions remain in place”
- $50 million to implement recommendations from a new “Tourism Task Force” that will provide ideas for the 2021 tourism season
- $46 million to open up to 1,200 more child care spaces
As British Columbians, we’ve been through a lot recently. We know our recovery won͛t happen overnight, but by focusing on people and taking care of each other, we will ensure there are better days ahead for all of us,” said Premier John Horgan.
“The steps we are taking now will improve health care, get people back to work, support B.C. businesses and strengthen our neighbourhoods and communities.”
In addition to the new expenditures, the government also earmarked $660M in new tax incentives.
New incentives include a $470 million temporary 100 per cent PST rebate to help businesses with post-COVID recovery, and $190 million for a 15 per cent tax credit on new payroll increases for businesses in the third and fourth quarter of 2020.
The full report was released in full on the BC Government website at strongerbc.gov.bc.ca/