Business Barometer®: Small business 12-month outlook trends up, but other measures of health remain low
Toronto, July 31, 2020 – The Canadian Federation of Independent Business (CFIB) is disappointed that the federal government has not provided any reassurance that the CECRA extension will provide relief to tenants who have not had access to the program. Many have been shut out either because their landlord is not participating or because the 70 per cent revenue loss requirement is too high. While today’s announcement is good news for those who can access the program, it is a slap in the face for those who have been shut out of rent relief for five months running.
The program that has been grossly underutilized relative to its funding (today’s numbers show roughly a quarter of the allocated budget has been spent).
Rent relief remains a critical missing piece of economic recovery for one out of three small businesses.
With one out of seven businesses currently at risk of permanently closing, CFIB continues to call on the federal and provincial finance ministers to work together to make necessary changes to the program including allowing tenants to apply directly and reducing the revenue reduction requirement. Earlier this week, CFIB issued an open letter to finance ministers urging them to fix CECRA. If that can’t be done quickly, CFIB is asking provincial governments to pull their portion of CECRA funding and redirect remaining funds to support small business tenants that have not been able to access the program. Rent relief needs an overhaul now.
- Laura Jones, Executive Vice-President and Chief Strategic Officer, Canadian Federation of Independent Business (CFIB)
For media enquiries or interviews, please contact:
Wissal El Alaoui, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 110,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.