OTTAWA - A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing companies.
The Canadian Federation of Independent Business said sentiment in its monthly barometer from September showed the largest one-month drops since the onset of the pandemic in March 2020.
The group said there has been a tumble in the short-term expectations for companies in the hospitality and construction industries, while retail and agriculture saw the deepest dive on their outlook for the next year.
With the majority of small businesses still not back to normal sales levels, the organization is asking the federal government to extend wage and rent supplements set to expire near the end of the month.
The federal budget bill passed at the end of June includes a provision that cabinet can extend benefits until Nov. 20. The Liberals would need to gain parliamentary approval for any more weeks of life.
CFIB president Dan Kelly said small business owners are at near panic levels'' about the impending end of supports, and are looking for a signal from the federal Liberals.
I want the subsidy programs to end too - they're super expensive - but if we do that before full COVID restrictions are lifted, we will see thousands and thousands of businesses flushed down the toilet,'' he said.
The ask to keep those benefits moving comes with a corresponding request to reshape the recovery'' benefits for out-of-work Canadians that will test the federal government. Finance Minister Chrystia Freeland in conversations has pressed stakeholders about how the government could extend business benefits, but not the same for workers.
The Liberals might err on the side of being more generous, but should let the pandemic relief programs end unless there is a really good economic reason, said Christopher Ragan, director of the Max Bell School of Public Policy at McGill University.
I do not envy any government that is currently in this, but I do think you want to be careful about providing too many relief payments because that is going to stand in the way of a recovery,'' he said.
In late July, the Liberals announced an extension of the aid package and put off a planned drop in benefit values citing a slower than expected recovery.
The wage subsidy and rent relief programs have paid out almost $94 billion and $6.6 billion, respectively, and federal data show the number of claims for each has fallen over the course of 2021.
The benefits are calculated on business losses, and phase out as revenues rebound; the CFIB survey noted the share of firms barely making it by has dropped to the lowest level since the pandemic began.
The Canada Recovery Benefit has seen a similar drop in claims, and has paid out about $26.4 billion to unemployed workers who don't qualify for employment insurance, with weekly benefits set at $300.
The drop is also in line with rising job numbers that as of August put the country 0.8 per cent below pre-pandemic levels, even though businesses are reporting labour shortages.
An economic outlook from Deloitte Canada on Tuesday noted how this tale of two labour markets is playing out: Industries with jobs that can easily be done remotely have grown and now face problems attracting skilled workers, while job shortages in high-contact sectors like accommodation and food services may reflect ongoing health concerns or the effect of income support programs.
Chief economist Craig Alexander said the link between benefits and labour shortages is largely anecdotal. He added that some industries could also be facing labour shortages from declines in immigration.
There's so much disruption coming from health risks and barriers to the movement of workers, combined with the economic narrative that the story in the labour market is a complex one,'' he said.
As the worst of the pandemic appears, for the moment, to be in the rear-view mirror, Alexander said policy-makers are going to need to start thinking about how to unwind emergency support programs.
They're going to need to start thinking about how governments gradually wean the economy off of fiscal stimulus,'' he said.
But let's also still be clear that we're still in the crisis, the crisis hasn't passed, and so the notion of not wanting to apply fiscal austerity in the near-term is entirely warranted.''
More here:
Feds pressed to extend benefits as small business sentiment sinks - BNN
- Choosing Regular Food to Extend Longevity - CounterPunch.org - CounterPunch - April 18th, 2024 [April 18th, 2024]
- "I love the club, I'm really happy here" - Manchester United star opens up on life at club amid contract extension uncertainty - Sportskeeda - March 31st, 2023 [March 31st, 2023]
- Life Extension review - 7 facts you should know [APRIL 2022] - February 5th, 2023 [February 5th, 2023]
- Biomedical Research & Longevity Society - Wikipedia - January 27th, 2023 [January 27th, 2023]
- NAD+ Cell Regenerator and Resveratrol Elite - Life Extension - December 26th, 2022 [December 26th, 2022]
- FLORASSIST GI with Phage Technology - Life Extension - December 12th, 2022 [December 12th, 2022]
- Magnesium Citrate 100 mg, 100 capsules - Life Extension - November 5th, 2022 [November 5th, 2022]
- AMPK Metabolic Activator, 30 tablets - Life Extension - November 5th, 2022 [November 5th, 2022]
- Germany nuclear plants life extension approved by Cabinet - DW (English) - October 19th, 2022 [October 19th, 2022]
- Biohacking: What is it, types and hacks to try for beginners - Medical News Today - October 19th, 2022 [October 19th, 2022]
- 'Biggest day of my life': Kevin Porter Jr., Rockets react to extension - Rockets Wire - October 19th, 2022 [October 19th, 2022]
- Postharvest quality solution for tomatoes-on-the-vine - hortidaily.com - October 19th, 2022 [October 19th, 2022]
- JZZ Technologies, Inc. and Subsidiary LION Development Group, Enter into JV Agreement with affiliate of Hospitality Development Group, Inc. of Florida... - October 19th, 2022 [October 19th, 2022]
- 'I love the city': QB Zach Collaros inks 3-year contract extension to stay with Blue Bombers through 2025 - CBC.ca - October 19th, 2022 [October 19th, 2022]
- MSU-led team studying expansion of controlled environment culinary herb production across US - Michigan State University - October 19th, 2022 [October 19th, 2022]
- 60 seconds with...Wayne Dunn, Babcock International - Professional Engineering - October 19th, 2022 [October 19th, 2022]
- Wind energy operators must address these 5 areas to exploit the full value of monitoring - Windpower Engineering - October 19th, 2022 [October 19th, 2022]
- Extension shares tips for practicing fire safety in the fall - The Hartselle Enquirer - Hartselle Enquirer - October 19th, 2022 [October 19th, 2022]
- FIRST Robotics Prepares to Extend Its Reach to More Vermont Students - Seven Days - October 19th, 2022 [October 19th, 2022]
- Plant Life Cycles - Penn State Extension - October 2nd, 2022 [October 2nd, 2022]
- FDA Authorizes Shelf Life Extension for Certain Lots of Paxlovid - October 2nd, 2022 [October 2nd, 2022]
- EDF considers extending life of two UK nuclear plants due to energy crisis - The Guardian - October 2nd, 2022 [October 2nd, 2022]
- Rittenbach among Extension team professionals honored - Jamestown Sun | News, weather, sports from Jamestown North Dakota - The Jamestown Sun - October 2nd, 2022 [October 2nd, 2022]
- What is the circular economy and why is it essential for real sustainability? - Schroders - October 2nd, 2022 [October 2nd, 2022]
- 44 national and international NGOs call for renewal and expansion of truce in Yemen [EN/AR] - Yemen - ReliefWeb - October 2nd, 2022 [October 2nd, 2022]
- University City Townhomes residents now have until end of the year to find new low-income housing - The Philadelphia Inquirer - October 2nd, 2022 [October 2nd, 2022]
- New Eskom board: Business groups happy with mix of skills - News24 - October 2nd, 2022 [October 2nd, 2022]
- Full circle on the farm: Penn State alum returns to help educate Pa. growers - Pennsylvania State University - October 2nd, 2022 [October 2nd, 2022]
- Task Force: Blacks are owed hundreds of thousands - CalMatters - October 2nd, 2022 [October 2nd, 2022]
- ProLynx appoints Richard King as Chief Executive Officer and Chris Ehrlich as Board Director - GlobeNewswire - September 20th, 2022 [September 20th, 2022]
- Analysis: Behind Trump's media deal, a vote where only yes will do - Reuters - September 20th, 2022 [September 20th, 2022]
- Evusheld long-acting antibody combination approved in the EU for the treatment of COVID-19 | Antibodies | News Channels - PipelineReview.com - September 20th, 2022 [September 20th, 2022]
- Action Hampshire get behind Sustainable Future Fund to reduce waste in business - Hampshire Chronicle - September 20th, 2022 [September 20th, 2022]
- Living the dream - Farm Progress - September 20th, 2022 [September 20th, 2022]
- Teck and Agnico Eagle Announce Agreement on the San Nicols Copper-Zinc Project located in Zacatecas, Mexico - PR Newswire - September 20th, 2022 [September 20th, 2022]
- Most actively traded companies on the Toronto Stock Exchange - Winnipeg Free Press - September 20th, 2022 [September 20th, 2022]
- Giants Urged to Give Extension to 24-Year-Old Defender - Heavy.com - September 20th, 2022 [September 20th, 2022]
- Russias MiG-31 Fighter That Fired Hypersonic Missiles On Ukraine Conducted Drills In The Stratosphere - EurAsian Times - September 20th, 2022 [September 20th, 2022]
- Jaguar Mining Reports Confirmed Continuity of Mineralization at Pilar Gold Mine - Life of Mine Extension Drilling to Follow - Yahoo Finance - September 14th, 2022 [September 14th, 2022]
- Easy meals, life-saving knife skills part of West Texas Fair & Rodeo Spotlight Kitchen - Abilene Reporter-News - September 14th, 2022 [September 14th, 2022]
- Beyond Bulletproof: Why Billionaires Are Chasing Everlasting Health - Newsweek - September 14th, 2022 [September 14th, 2022]
- Did California Truly Extend the Life of Diablo Canyon? Only Time Will Tell. - JD Supra - September 14th, 2022 [September 14th, 2022]
- Youth Mental Health First Aid Trainings Offered This Fall - Iowa State University - September 14th, 2022 [September 14th, 2022]
- Finland to Extend Validity of Residence Permits for Ukrainian Refugees Under Temporary Protection - SchengenVisaInfo.com - SchengenVisaInfo.com - September 14th, 2022 [September 14th, 2022]
- Wildfire Smoke's Affect on Potato Crops Being Studied - University of Idaho - September 14th, 2022 [September 14th, 2022]
- National Weather Service Northern Indiana radar will be down beginning Monday for upgrades - WANE - September 7th, 2022 [September 7th, 2022]
- Renault Trucks Will Give New Life to Old Parts - Ward's Auto - September 7th, 2022 [September 7th, 2022]
- Stop the stigma and step in - Farm Progress - September 7th, 2022 [September 7th, 2022]
- Empire Wind and WCS Announce Extension of Historic Near Real-Time Acoustic Marine Monitoring Project In New York Bight - Business Wire - September 7th, 2022 [September 7th, 2022]
- Media Advisory: Chalk River Laboratories Officially Breaks Ground on One of the Largest Nuclear Research Facilities Ever Constructed in Canada -... - September 7th, 2022 [September 7th, 2022]
- PFAS pilot study gets yet another extension, scope and cost of another project reduced - wausaupilotandreview.com - September 7th, 2022 [September 7th, 2022]
- Predators extend deal with Bally Sports South - Awful Announcing - September 7th, 2022 [September 7th, 2022]
- WWYDW: Reactions to the Canucks' J.T. Miller extension - Canucks Army - September 7th, 2022 [September 7th, 2022]
- NASA's Artemis rocket makers explain that it's a marathon and a sprint - The Register - September 7th, 2022 [September 7th, 2022]
- Food supply chains are susceptible to fraud and adulteration more than ever, warns Kerry - Food Ingredients First - September 7th, 2022 [September 7th, 2022]
- Reprieve for The White Lady as iconic food truck gets 12-month licence extension - Stuff - September 7th, 2022 [September 7th, 2022]
- Gypsy Moth Biology & Life Cycle - University of Illinois Extension - August 30th, 2022 [August 30th, 2022]
- AgriLife's Johanna Hicks and Team Honored at 2022 National Health Outreach Conference - frontporchnewstexas.com - August 30th, 2022 [August 30th, 2022]
- Harmony Gold to maintain dividends despite facing two years of heavy capital bills - Miningmx - August 30th, 2022 [August 30th, 2022]
- Malaysian, Thai companies ink MOU to explore cooperation in Mechanised Infantry Fighting Vehicle life extension programme - The Edge Markets MY - August 30th, 2022 [August 30th, 2022]
- Coveris previews new packaging solutions targeting enhanced performance and recyclability - Packaging Europe - August 30th, 2022 [August 30th, 2022]
- KPF and heatherwick studio to extend singapore airport as cluster of lush 'neighborhoods' - Designboom - August 30th, 2022 [August 30th, 2022]
- Understanding Tax Liens. Could the IRS seize your car? - finehomesandliving.com - August 30th, 2022 [August 30th, 2022]
- Extension of Legacy Trail in Tyler to continue - Tyler Morning Telegraph - August 29th, 2022 [August 29th, 2022]
- KRUG: Extension learning opportunities around the corner - Hays Post - August 29th, 2022 [August 29th, 2022]
- Half-Life 2 VR is coming, here's how you can get it - Win.gg - August 29th, 2022 [August 29th, 2022]
- Transplant technology: United Therapeutics 3D-printing of human organs focused on every breath you take - Manchester Ink Link - August 29th, 2022 [August 29th, 2022]
- Serena Williams Interview on Leaving Tennis and Her Legacy - TIME - August 29th, 2022 [August 29th, 2022]
- Thousands of photos captured by everyday Australians reveal the secrets of our marine life as oceans warm - The Conversation - August 29th, 2022 [August 29th, 2022]
- Empathy and Solidarity: On Alejandro Varela's The Town of Babylon - lareviewofbooks - August 29th, 2022 [August 29th, 2022]
- How many people continue their stay in the UK or apply to stay permanently? - GOV.UK - August 29th, 2022 [August 29th, 2022]
- Anti-Aging Conference and Olympia Weekend Set for Back-to-Back Weekends in Vegas - Muscle & Fitness - August 15th, 2022 [August 15th, 2022]
- A son steps aboard the Eagle and into his father's world - Journal Inquirer - August 15th, 2022 [August 15th, 2022]
- Class to teach healthy living for those with chronic conditions - The Maryville Forum - August 15th, 2022 [August 15th, 2022]
- New application for disinfection of fresh-cut fruits by means ozone in the packaging - hortidaily.com - August 15th, 2022 [August 15th, 2022]
- Meatless Meats and Smokeless Smokes - Equities News - August 15th, 2022 [August 15th, 2022]
- Command & Control Success: Fireground Commander: Understanding the Impact - Firehouse - August 15th, 2022 [August 15th, 2022]
- Five Ways This Survey About Maine's Wellness is Absolutely Bogus - WJBQ - July 25th, 2022 [July 25th, 2022]
- Center for Advanced Innovation in Agriculture, Virginia Cooperative Extension help Virginia Tech showcase its land-grant mission at 2022 Virginia Ag... - July 25th, 2022 [July 25th, 2022]
- Anti-ageing tips: Here's how to rewind your biological clock - Hindustan Times - July 25th, 2022 [July 25th, 2022]