Small business confidence hits record low as COVID-19 rocks Canadian economy

The report says one in five owners say their business is in a good state, compared with 38 per cent who say it’s doing poorly.“It’s all related to keeping the wheels on the business,” said Ted Mallett, vice-president and chief economist for CFIB. “They’ve still got to be able to pay the bills to employees and landlords or mortgage holders, but now their incomes have been severely interrupted.”

Mallett said the nearest comparable period is the financial crisis in 2008 when the barometer dropped 20 points between September and December of that year.The CFIB report comes as non-essential businesses have been shut down by the province in Ontario and Quebec, and voluntarily in other jurisdictions, in an effort to slow the spread of the novel coronavirus. The moves have resulted in the layoff of workers across the country as businesses stop work.

globebusiness All part of their plan

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Business, labour groups say Liberals' COVID-19 wage subsidy too little to helpThe federal government's planned wage subsidy for businesses hit hard by COVID-19 is being panned this morning by a voice for thousands of small businesses and a major union. big surprise that. Just think if the Feds hadn't given out so much foreign aid there'd be enough $$$'s for all of us right now. JustinTrudeau Tough beans. Sell your business, dip into your savings. Balance your books, cut out business lunches. Tighten your belt like people on OW/ODSP have to. We don't get any extra for this, why should you?
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