A new report by the Canadian Federation of Independent Business says nearly 3,000 small businesses are at risk in Newfoundland and Labrador, and Canada could lose another 158,000 due to the impact of COVID-19.
The CFIB warns one in seven businesses are at risk of going under due to the pandemic in addition to those that have already closed.
The CFIB’s Small Business Recovery Dashboard was released today as part of their #SmallBusinessEveryDay campaign.
They estimate some 2,735 small businesses could close in this province due to the effects of COVID-19, but caution the range spans from 1,380 to 3,435 depending how the economic recovery goes.
Businesses in the arts, recreation and hospitality are most at risk. Up to 27 per cent of businesses in the hospitality sector could close and 30 per cent of those in the arts and recreation sector are at risk.
The CFIB’s Small Business Recovery Dashboard shows 60 per cent of small businesses in this province are fully open, 38 per cent are fully staffed, and 24 per cent are reporting normal sales.
It says while there was some “substantial improvement” in early July, growth has stalled in recent weeks.