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$7.4 Billion Announced AmonG Cancellations

The federal government is spending $7.4 billion to extend and create new COVID-19 supports for hard-hit businesses and workers that will carry into the spring. Deputy Prime Minister and Finance Minister Chrystia Freeland said on Thursday that as of Oct. 23, new measures will be put in place to replace the broad Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS), which expire on Saturday. The new Tourism and Hospitality Recovery Program and Hardest Hit Business Recovery Program will take effect Sunday. The Hardest-Hit Business Recovery Program will provide support through the wage and rent subsidy programs for other businesses that have faced deep losses, with a subsidy rate of up to 50 per cent.