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Small businesses should focus in 2022 federal budget: CFIB

The association referred to an earlier letter addressed to Chrystia Freeland, where she laid out a plan for Canada’s economic recovery with small businesses. It consisted of four main principles: reducing business expenses; cutting red tape; addressing labor shortages; Preparation of a plan for managing the deficit; and ensuring that COVID-19 actions, as well as other programs, are tailored to the needs of the small business.

More than nine out of ten enterprises (94%) feel their costs have increased at a time when they can barely afford it. To keep their enterprises afloat, the CFIB said, business owners have worked long hours and incurring massive debt.

“Small businesses have been thrown into trouble over the past two years,” said CFIB President Dan Kelly. “For realizing economic recovery, small businesses need to be the central focus of Budget 2022. This budget needs to set out a clear plan for economic recovery that will give business owners confidence about their future. “

As small businesses in all sectors and locations get back on their feet in the coming months, the CFIB said it is important that they have the tools and resources they need to be successful. To that end, he cited four recommendations from his letter to Minister Freeland:

  • extend the Canada Recovery Hiring Program (CRHP) until at least September 2022, to help small business recover from the economic recovery;
  • Reassure customers that it is now safe to engage in personal activities, including shopping, dining, traveling, and participating in other events;
  • Help small companies most difficult to resolve COVID-19-related debt, which can be met by increasing the forgiven component of their Canada Emergency Business Account (CEBA) loan by up to 50%, the CEBA repayment deadline It can be extended beyond December 2023. , and finding means to support new enterprises; And
  • Introduce a strategy this spring to eliminate all federal COVID-19 borders and vaccine mandates related to travel and border crossings, and urge all federal employees to return to office work in person.

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