CFIB Survey Finds That 32% Of Small Businesses Are Unsure If They’ll Reopen

A new survey has found that more than one-third (32%) of small businesses in Canada are unsure they will be able to reopen after the coronavirus outbreak subsides.

The survey by the Canadian Federation of Independent Business (CFIB) found that small businesses are anxious about the impact the coronavirus shutdown will have on their operations. On average, the current shutdown is costing small businesses in Canada $160,000.

Prime Minister Justin Trudeau said Ottawa’s wage subsidy applies to any company, charity or non-profit to help cover three-quarters (75%) of salaries for businesses that have seen their revenue drop by at least 30% due to the coronavirus. The wage subsidy is capped at $847 a week and backdated to March 15.

In a news release, the CFIB said that the wage subsidy is crucial in helping to avoid permanent closures of Canadian small businesses. Sixty-eight per cent (68%) of respondents to the CFIB survey said they view the wage subsidy as helpful.