Feds pressed to extend benefits as small business sentiment sinks
BNN Bloomberg
A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects.
OTTAWA - A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing companies.
The Canadian Federation of Independent Business said sentiment in its monthly barometer from September showed the largest one-month drops since the onset of the pandemic in March 2020.
The group said there has been a tumble in the short-term expectations for companies in the hospitality and construction industries, while retail and agriculture saw the deepest dive on their outlook for the next year.
With the majority of small businesses still not back to normal sales levels, the organization is asking the federal government to extend wage and rent supplements set to expire near the end of the month.
The federal budget bill passed at the end of June includes a provision that cabinet can extend benefits until Nov. 20. The Liberals would need to gain parliamentary approval for any more weeks of life.
CFIB president Dan Kelly said small business owners are “at near panic levels'' about the impending end of supports, and are looking for a signal from the federal Liberals.
