Ottawa urged by CFIB to maintain support for SMEs

(Toronto) A group representing Canada’s small and medium business on Thursday launched a petition urging the federal government to end the phase-out of its financial support programs.

The Canadian Federation of Independent Business (CFIB) noted that small business owners were keen to be able to replace subsidies with sales, but only 35% of them returned to normal sales levels and not many thought that would happen until next year.

In addition to closing the emergency account for the Canada Business Loan Program last month, Ottawa has begun phasing out the Canada Emergency Wage Support and the Canada Emergency Rent Grant.

The subsidy is expected to be removed after September 26, after three months of cuts.

The CFIB is calling on the federal government to keep support at the June level and extend it until the economy fully reopens.

It also wants all independent companies, including new ones, to have this support.

“Although these programs are expensive, it is important to keep in mind that SMEs that no longer need support no longer receive them, since the subsidies are based on the loss of income caused by the pandemic,” CFIB Vice President of National Affairs Yasmine Janet said in a statement.

“After 16 long months of the pandemic, the restrictions are finally lifted, but for many SMEs, the challenge is far from over. It is essential, especially in the run-up to the federal elections, to ensure that support programs are in place for SMEs.”

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