It could take the better part of a decade for some sectors of the economy to rebound following loss of business caused by COVID-19 and measures to keep the virus in check.
That’s according to the Provincial Director of the Canadian Federation of Independent Business, Vaughn Hammond. He says the hospitality sector has been especially hard-hit.
“I don’t know if there’s a word to describe what impact COVID-19 has had on them,” says Hammond.
The CFIB released information this week showing business owners in the hospitality sector not getting back to normal revenue for another eight years.
Small business faces unsustainable L-shaped recovery if sales remain at a crawl.
It may take 8 years for businesses in the hospitality sector to get to normal revenues. Small business owners need support! https://t.co/0ay0EAe6ju #nlpoli pic.twitter.com/m7srnF6lGN— Vaughn Hammond (@CFIBNL) September 22, 2020