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The Big Story
As pandemic bills come due, are Canada's small businesses in danger?
Feb 12, 2024
With small business insolvencies at record levels and pandemic relief loans coming due, the future of Canada's independent businesses is uncertain. The podcast explores the challenges faced by small businesses, the government's refusal to extend loan repayment deadlines, and the impact of businesses closing on our neighborhoods. The episode highlights the various government programs implemented during the pandemic, the concerns and low optimism among small business owners, and the importance of preserving small businesses with government action and community support.
24:34
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Quick takeaways
- The government support programs introduced during the pandemic were crucial for preventing mass closures and layoffs in small businesses.
- The challenges faced by small businesses post-reopening, such as reduced foot traffic, inflation, and changing consumer behavior, have created an uncertain outlook for their recovery.
Deep dives
Government support programs for small businesses during the pandemic
During the early stages of the pandemic, the government introduced various support programs for businesses. These included the wage subsidy, which started at 10% and eventually climbed to 75% to assist businesses struggling with reduced foot traffic. Other programs included the individual benefit known as SERB, a rental assistance program for small businesses, and the SIBA loan, which provided up to $40,000 to help bridge the gap during closures. These programs were crucial for small businesses' survival, preventing mass closures and layoffs.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode