A Federal election has been called and we are calling on all party leaders to take immediate action and commit proportionate resources to save small businesses and help preserve the main streets and urban prosperity of Toronto - the greatest financial engine of modern Canada.
After all, even though we’re done with COVID, it’s clear with the Delta variant and a potential fourth wave, the pandemic isn’t done with us yet.
From Locked Down to Locked Out
On November 23, 2020, as a result of COVID-19, businesses in Toronto entered what would turn out to be one of the longest lockdowns in the world.
Initially, for seven months followed by rolling lockdowns, small business owners of restaurants, music venues, book shops and retailers have sought financial survival using their savings, a patchwork of government support, and the welcome support of local residents.
Toronto had 3,480 fewer business establishments by the end of 2020 than it did at the beginning of the year. As of March 2021, almost 50,000 jobs have been lost in Toronto due to business closure attributed to COVID-19.
Canada’s existing business supports, specifically the commercial rent and wage subsidies, are scheduled to expire in a few weeks on October 23, 2021.
In Toronto, we know that these financial supports have been an essential lifeline for small businesses, main streets and our city. According to a survey by the Canadian Federation of Independent Business, 62% of Toronto businesses reported using Canadian Emergency Wage Subsidy (CEWS) and 46% reported using Canadian Emergency Rent Subsidy (CERS).