Even before the holiday season, it was apparent that many small businesses would not survive this crisis. (File photo: Richard Balog/Unsplash)
The impact COVID-19 has had on Canada’s small businesses is nothing short of tragic. While springtime was difficult enough, the second wave and the restrictions that followed visibly transformed communities where case counts rose rapidly. Filling the vacuum these businesses left behind will be one of the biggest feats of economic recovery.
What will it take?
Government must be willing to take risks – albeit calculated ones – to address liquidity constraints for small businesses, modernize regulation, and ultimately propel entrepreneurship.
It was a rough session for N.A. markets Wednesday, with the TSX off nearly 80 points as the materials and tech sector weighed on the index. In the U.S., markets retreated from record highs as negotiations stalled once again between lawmakers looking to pass another fiscal stimulus package.
U.S. markets retreated Thursday morning after fresh data showed new jobless claims jumped sharply last week to 853,000 substantially more than economists had forecast. The latest jobs data underscores the desperate need for more stimulus, but Republicans seem unwilling to sign off on a substantial spending bill. Also weighing on sentiment was the latest coronavirus data from the U.S., with the death toll climbing to a new single-day record of 3,100. By Thursday’s close, the numbers were mixed: the Dow was down 75 points, the Nasdaq was up 67, and the TSX added 33.