More small companies are back to business: CFIB
Alberta, Manitoba and New Brunswick lead the way with companies fully open
TORONTO — The number of companies that are back to business is rising as provinces restart their economies, according to the latest survey by the Canadian Federation of Independent Business (CFIB).
Just under a third of businesses are now fully open, up from 21% a month ago with Alberta (47%), Manitoba (44%) and New Brunswick (44%) leading, while Nova Scotia (27%), Ontario (26%) and Newfoundland and Labrador (22%) are the least open economies.
Retail, arts and recreation, services and restaurants/hospitality are the least likely to be fully open.
“While it is good news that more firms are beginning to open across the country, it is important to keep in mind that 67% of businesses remain fully or partially closed due to COVID-19,” said CFIB president Dan Kelly. “In addition, there is a lot of uncertainty for businesses in the months to come, including how to recall laid-off workers, what new measures they should put in place to protect their staff and customers, and if reopening will even be financially possible if their sales are too low.”
The survey found the top reasons for not fully opening are government mandated closures (49%), sales too low to make it worthwhile (36%) and concerns over the health and safety of staff and customers (35%).
26% of small firms are concerned they may be forced to close their doors permanently and 36% of owners are worried about accessing personal protective equipment.