Get back to work: Struggling business community demands more action from federal government
“I do feel that I am the captain of the Titanic right now,” says Brendan Ladner, owner of restaurant chain SMAK Healthy Fast Food. “How many months can we bleed money? Who’s got pockets to bleed thousands of dollars? I’ve got a family.”
Of course, the small business owner is talking about surviving the pandemic. Ladner’s business model relies on downtown foot traffic, which has not fully recovered since March 2020.
“There’s been no growth,” according to Ladner. “We had a bump in July and August, September’s been slower than those months because there are no tourists and still there’s nobody on the streets. There used to be 10,000 people a day walking by this location and right now there's hardly anybody."
This week, the Canadian Chamber of Commerce called on the newly re-elected Liberal minority government to get back to work as soon as possible and give Canadians a pandemic playbook to an economic recovery.
According to the Chamber, businesses and the millions of Canadians they employ need immediate action on two critical issues: safely managing the fourth wave of the COVID-19 pandemic, and implementing a strategy to restore economic growth. It says the next parliament needs to prioritize helping businesses of all sizes, including extending the wage and rent subsidy programs to ensure support for the hardest-hit sectors.
“It’s a daunting time,” says Ladner. "We're all hopeful that things are going to turn around but I'm building my forecast in a real world, where I'm thinking how can I get through December? We’re going to have to turn basically to our landlords and beg them for compassion.”
According to the Canadian Federation of Independent Business, three quarters (76 per cent) of small businesses that took on debt say that it will take more than a year to repay. That number jumps to 87 per cent for businesses in the hospitality sector, with a majority of them saying it will take longer than two years, and nearly a quarter expressing concern about being able to pay off their debt at all.
In total, the CFIB estimates that small businesses in Canada now owe a collective $139 billion due to COVID-19, up from the estimated $135 billion in February of this year.
“The biggest concern is the uncertainty,” says John Nicholson, from the Listel Hospitality Group. “We just don’t know, it’s complete uncertainty for the hotels and also complete uncertainty for the restaurants.”
According to Nicholson, the Listel Hotel in downtown Vancouver is not back to its economic output from 2019, but management has been able to stem the losses. Typically, the hotel can plan several years in advance, but he says at this point they’re not even sure what’s happening two months ahead.
“We're not losing as much money as we were before and that's a positive thing, but for some businesses, I don't know how they're hanging on," says Nicholson.
CTVNews.ca Top Stories
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
NEW 'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad
A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
An Ontario senior called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Accused of burglary at stepmother's home, U.S. senator says she wanted her father's ashes: charges
A Minnesota state senator and former broadcast meteorologist told police that she broke into her stepmother's home because her stepmother refused to give her items of sentimental value from her late father, including his ashes, according to burglary charges filed Tuesday.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.