Almost 200-thousand Canadian businesses could close permanently thanks to the COVID-19 crisis and lockdowns.
The Canadian Federation of Independent Business said yesterday that one in six, or about 181,000 Canadian small business owners are now seriously contemplating shutting down, based on a survey it conducted last week.
That means more than 2.4 million people could be out of work, which is a staggering 20 per cent of private sector jobs.
The president and CEO of the CFIB says without proper stimulus from the federal government, the jobs picture could be even more dire.
The organization says only 36 percent of businesses in Ontario are currently open due to the province-wide lockdown.
The latest estimate is an increase from last summer, when the CFIB said one in seven or 158,000 businesses were at risk of going under as a result of the pandemic.
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1 in 6 businesses are now at risk of closure. “Let’s make 2021 the year we help small business survive and then get back to thriving.” – @CFIBideas Laura Jones pic.twitter.com/hb8KNIsQXW
— CFIB News (@CFIBNews) January 21, 2021
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— CFIB News (@CFIBNews) January 21, 2021