And therefore , So nearly one in four Quebec SMEs are at high risk of not going after next year. The Canadian Federation of Independent Business (CFIB) is concerned about the effects of new economic restrictions and the increased costs that the Quebec government could impose.
CFIB remembers the extreme fragility of SMEs in Quebec. Not only have small businesses not returned to normal sales, but they have also been crushed by the huge debts incurred as a result of the pandemic. The average debt of a small and medium business in Quebec is close to $100,000It can reach 206944 dollars For a restaurant with a dining room. The prospect of more economic restrictions or increased costs makes business leaders shudder.
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“The health status of SMEs is alarming. With this sub-par sales rate, one in four SMEs do not believe they will survive by the end of 2022! For the economic viability of our regions, we must not hurt small businesses anymore. Small and Medium Enterprises In Quebec they are deeply concerned about this fifth wave, which could prove fatal to them, and are asking for reassurance to end the year in full swing. It is important that the government avoid the new restrictions and embrace direct assistance if it is to come to this decision”, says François Vincent, vice president of Quebec at CFIB.
The situation is even more difficult for small and medium-sized businesses in Quebec cities. For example, only 35% of SMEs returned to their normal level of sales in Montreal and 38% in Quebec City.
Half of Quebec’s small and medium business leaders consider it a priority for the provincial government to help small and medium businesses affected by the pandemic.
As of October 31, in terms of the number of corporate insolvency cases, Quebec (1,454) ranks first in Canada, 2.5 times more than Ontario (594) and accounts for 60% of Canada’s records (2,405).
53% of companies in Quebec have fewer than 5 employees.
Small businesses in Quebec provide 67.6% of jobs in the private sector.
Small businesses contribute 30% of Quebec’s GDP.
About CFIB
Sophie Laurent is a contributor to Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting that helps readers stay informed about current events and issues that matter to their communities. Sophie is committed to presenting accurate information, practical insights, and relevant stories in a straightforward and reader-friendly manner, making complex topics accessible to a broad audience.