COVID-19 Economic Update Apr 9-2020

Thursday, 9 April 2020 15:23

Yukon businesses impacted by the COVID-19 pandemic will receive funding from the Government of Yukon to cover fixed business costs, including rent, utilities and business insurance.

The Yukon Business Relief Program will help Yukon businesses that have experienced a 30 per cent reduction in revenue and require immediate relief. Eligible businesses can apply for a grant of up to $30,000 per month to cover fixed costs from March 23rd to May 22nd, 2020.

The Government of Yukon is working with industry organizations and the local business community to support Yukon businesses and workers impacted by COVID-19. This program is in line with the recommendations from the recently established Business Advisory Council.

This program is the latest Government of Yukon initiative to support Yukon's business sector and is anticipated to cost up to $10 million. This brings the government's economic supports to as much as $21.7 million. Other supports include the Paid Sick Leave Program, the Temporary Support for Events Funding Program as well as changes to the Yukon Nominee Program previously announced.

The Government of Yukon also continues to work with the Government of Canada to assess economic impacts and support our economy.

Minister of Economic Development Ranj Pillai said in a statement, Yukon businesses need support to manage through this difficult time. The measures necessary to protect the health and safety of Yukoners in response to COVID-19 are having a significant impact on Yukon's businesses. This funding provides needed relief to businesses experiencing hardship and enhance their ability to rebound in the future. This is one more way our government can support local businesses as they are truly the backbone of our economy.

Eligible fixed costs include:

commercial rent or lease
water
sewage and waste disposal
electricity and heating fuel
telephone
cable
internet and satellite
software, data services, and subscriptions
business insurance
pest control.

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