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The Canadian Federation of Independent Business (CFIB) has recently conducted a survey that revealed that while half of small businesses are now completely open, less than 20 percent are earning their usual income for this time of the year.
“This week marks a major milestone in Canada’s economic recovery with half of small businesses now fully open,” said Dan Kelly CFIB president. “However, the share of those making normal sales remains very low. Only 30 per cent of firms that are fully open report normal sales levels. This tells us that we have a long, long way to go before small firms are out of the woods.”
The province with the least amount of economic restrictions regarding the pandemic is New Brunswick, according to CFIB. Of the province's small businesses, about two thirds are now completely open but only about 25 percent are earning their usual sales.
Ontario is the country's most restricted province with only 43 percent of small businesses open and they appear to be struggling the most with only 14 percent making their usual income. Nova Scotia businesses are also having trouble, operating at only 14 percent of their usual sales.
Of the small businesses that have reopened across the country, it's the hospitality/restaurant and arts and recreation sectors who continue to take the biggest economic hit from the pandemic. They have the lowest amount of establishments reopened and of the ones that are, they continue bring in the smallest amount of revenue.
Social services and transportation are also among the lowest ranking earners to return to a post-pandemic economy. Construction sectors are also low on the list of sectors making regular earnings.
The CFIB compiled a list of tools and resources to help small businesses get back on their feet
- Free access to CFIB’s team of experts for one-on-one advice on all government support programs.
- A downloadable “Back to Business” kit, including information on provincial guidelines, a customizable “We’re open” poster and workplace safety templates.
- A “PPEs for SMEs” Facebook group, where small businesses looking to buy PPE can connect with those that produce it.
- A program to boost confidence among consumers that they can safely return to small firms through CFIB’s participation in the POST Promise.