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What you need to know about COVID-19 today
Just when you thought it couldn’t get any worse for small businesses during the pandemic.
A new survey by the Canadian Federation of Independent Business (CFIB) found the second wave of COVID-19 is hitting them harder still with new drops in sales.
As many as 51% say they are losing money every day and in places like Toronto and Peel Region, which are under new provincial restrictions, it’s as high as 70% who are suffering on a daily basis.
In particular, hospitality businesses like restaurants and hotels (76%) or arts and recreation businesses like gyms and venues (69%) were more likely to report further lowered sales.
“Small businesses still haven’t recovered from the first wave of COVID-19 lockdown measures. In fact, 37% of all businesses across Canada report they are actually losing money every day they are open,” CFIB president Dan Kelly said in a statement.
“The new round of restrictions in several regions are already proving to be devastating to them, especially as new supports from government remain in the development stage,” he said.
CFIB is urging all levels of government to support small businesses by making necessary federal relief program changes.
The federation would like to see a top-up to 90% for the Canada Emergency Wage Subsidy; expansion of the Canada Emergency Business Account (CEBA) loan program by $20,000 with an extra $10,000 forgivable portion; a 90% top-up to the new Canada Emergency Rent Subsidy (CERS); and retroactive rent support to those businesses whose landlords refused to take part in the Canada Emergency Commercial Rent Assistance (CECRA) from April to September.
“An alarming 71% of small business owners say that governments need to do a better job at reporting COVID-19 related health statistics in order to support consumer confidence,” said Kelly in a statement.
“A growing number of small firms are feeling punished by provincial governments despite taking major steps to protect the health and well-being of their customers and employees,” he said. “This needs to change.”
Copyright Postmedia Network Inc., 2020