TORONTO — Prime Minister Justin Trudeau on Sunday released a statement thanking Canadian small business owners for their “dedication, perseverance, and innovation,” less than a week before a number COVID-19 pandemic financial support programs for businesses and individuals are scheduled to end.
On Oct. 23 – the last day of Small Business Week – the Canada Emergency Rent Subsidy (CERS) and the Canada Emergency Wage Subsidy (CEWS) are set to expire. Both programs have been extended several times since being implemented in 2020.
Over 200,000 business owners have leaned on CERS for help, and over 450,000 have received benefits from CEWS.
The passage of the Budget Implementation Act allows the government to extend CERS and the CEWS to Nov. 30. Beyond that timeline, new legislation would need to be introduced in Parliament.
But many businesses aren’t yet back on their feet, despite their doors being open again.
“Only 40 per cent of small businesses are at normal levels of sales, 60 per cent are not there yet,” Canadian Federation of Independent Business (CFIB) president Dan Kelly told CTVNews.ca on Oct. 7. “I think a lot of people see businesses open, and they just assume that we’re back to normal, but it’s definitely not the case.”
Restaurant owners have been particularly hard-hit. According to a survey by Restaurants Canada, eight out of 10 restaurants across the country are either losing money or barely breaking even, while seven out of 10 are currently taking advantage of government subsidy programs.
As for individual benefits, the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiver Benefit (CRCB) are also set to terminate on Saturday. These programs, too, can be extended into November by the government.
More than two million Canadians have applied for CRB to date. Nearly 700,000 have applied for CRSB and over 450,000 for CRCB.
With files from CTVNews.ca’s Sarah Turnbull, Nicole Bogart and Brooklyn Neustaeter, and The Canadian Press
