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Source: https://www.cbc.ca/news/canada/newfoundland-labrador/cfib-business-closing-reaction-1.5669468
1 in 6 businesses in N.L. could close due to COVID-19: CFIB
Hospitality, arts and recreation businesses hit hardest
CBC News ? Posted: Jul 31, 2020 9:50 AM NT | Last Updated: 6 hours ago
Thousands of small businesses in Newfoundland and Labrador could fail due to pandemic pressures, says the Canadian Federation of Business, which estimates one in six businesses are at risk of going under.
The CFIB estimates about 2,700 businesses are in trouble, although a possible recovery over the coming months could change that number to anywhere from 1,300 to 3,500.
"The recovery that we're going through right now currently, depending on how that goes, that will have an effect obviously in terms of how many businesses may decide to close," Vaughn Hammond, the CFIB's director of provincial affairs for Newfoundland and Labrador told CBC Radio's On The Go Wednesday.
The projections come from a CFIB survey sent out to business owners, asking if they were considering scaling back business or declaring bankruptcy. The survey also revealed that while 60 per cent of the province's small businesses are open, only 38 per cent are fully staffed and only 25 per cent are reaching normal sales numbers...
1 in 6 businesses in N.L. could close due to COVID-19: CFIB
Hospitality, arts and recreation businesses hit hardest
CBC News ? Posted: Jul 31, 2020 9:50 AM NT | Last Updated: 6 hours ago
Thousands of small businesses in Newfoundland and Labrador could fail due to pandemic pressures, says the Canadian Federation of Business, which estimates one in six businesses are at risk of going under.
The CFIB estimates about 2,700 businesses are in trouble, although a possible recovery over the coming months could change that number to anywhere from 1,300 to 3,500.
"The recovery that we're going through right now currently, depending on how that goes, that will have an effect obviously in terms of how many businesses may decide to close," Vaughn Hammond, the CFIB's director of provincial affairs for Newfoundland and Labrador told CBC Radio's On The Go Wednesday.
The projections come from a CFIB survey sent out to business owners, asking if they were considering scaling back business or declaring bankruptcy. The survey also revealed that while 60 per cent of the province's small businesses are open, only 38 per cent are fully staffed and only 25 per cent are reaching normal sales numbers...