An extraordinary thing is happening in both the U.K. and Denmark right now; the countries decided that during the COVID-19 crisis, they're going to give employers up to $4,200 a month per employee in order the keep them afloat, and to keep people from losing their jobs.
The Canadian Federation of Independent Business is today saying that nearly one-third of small businesses in Canada may close within the month if we don't act similarly.
"More than half of small firms have begun laying off staff, with a quarter reporting they have already been forced to lay off their entire workforce," states CFIB president Dan Kelly in a March 24 release.
The figures come from a study of 11,000 Canadian small businesses.
For those of you in the back: A FULL ONE-QUARTER OF SMALL BUSINESSES HAVE ALREADY LAID OFF THEIR ENTIRE STAFF.
Kelly applauded the initial steps the federal government has taken but notes that "at this rate, the only way to prevent massive additional unemployment is for government to introduce a much larger wage subsidy program."
I'm no economist. I'm simply a publisher who is connected to countless business owners in this city. None of them have told me that they have a good feeling about the way things are going during this pandemic. None of them believe the government is doing enough to help stop the bleeding.
At the pace we're going, what small Canadian businesses will be left?
Not only will there be no jobs at them, but the heart and soul of this country will be gone. We'll have to start from next-to-nothing.
It's time for the government to take bold steps, like the U.K. and Denmark, to prevent this country from going down the tubes.