Post-COVID restaurant and hotel recovery could take nearly 10 years: CFIB
According to the CFIB, it could be more than eight years before revenues return to normal at restaurants and hotels in Canada after the pandemic. (File)
CALGARY -- A new report shows that if more isn't done to help businesses recover after the coronavirus pandemic, it could take years, not months, for Canadian businesses owners to experience a return to normal sales.
The study, completed by the Canadian Federation of Independent Business, looked at the pace of revenue recovery between June, when many businesses were allowed to reopen, and September, when the organization had its latest survey results.
In that time, it found only 30 per cent of businesses were experiencing regular sales.
The CFIB says if that trend continues, it could be a year and five months for small businesses to return to normal. Meanwhile, restaurants, hotels and other businesses in the hospitality sector could see slower sales until at least 2028.
(Source: Canadian Federation of Independent Business)
"The current situation just isn’t sustainable for too many businesses," said Laura Jones, executive vice-president at CFIB in a release.
"One simple thing every politician in the country can do right now is talk about the importance of supporting small business."
The organization says, according to the information compiled in its Small Business Recovery Dashboard, the recovery is not going well for many entrepreneurs.
"Decreases seen across the number of businesses fully open, fully staffed and making normal sales stresses the importance of shopping local," said Annie Dormuth, CFIB's Alberta provincial affairs director.
"This is also a wakeup call that urgent action is needed from the Alberta government to extend commercial eviction protection and expand the province’s SME Relaunch Grant."
More information on how the CFIB is supporting local businesses during their recovery from the COVID-19 pandemic can be found online.