More than 75% of small and medium-sized businesses in Canada applied for pandemic subsidies, the Department of Industry said Tuesday..“With an approval rate of 98%, nearly all small and medium enterprises that requested government financing had their requests approved regardless of their size,”.said a Survey On Financing And Growth Of Small And Medium Enterprises..Blacklock’s Reporter said virtually every operator who requested government aid got it, the data showed..“The smallest (one to four employees) and the largest enterprises (100 to 499 employees) were less likely to request government financing,” wrote staff. “The average amount of government financing increased with firm size.”.The data showed federal financing averaged $69,614 per business applicant nationwide. Aid to the smallest companies averaged $46,262, while government financing for larger employers averaged $648,798. The findings were based on questionnaires with 19,283 companies across Canada..According to the survey, 33% of small and medium enterprises closed temporarily over the course of the year for an average of 12 weeks. “Smaller firms in public-facing industries, such as accommodation and food service and other service sectors, were more likely to close temporarily due to the pandemic.”.To date, there have been no federal figures to quantify permanent closures and job losses among small businesses. The industry department in a report last December 23 calculated the sector temporarily saw 740,800 jobs vanish from a total payroll of 7.7 million..“In 2020 the Covid-19 pandemic posed significant challenges,” said the earlier report Key Small Business Statistics 2021. “The net employment change among small business was minus 740,800,” a decline of 9%.Among Canadian provinces, Prince Edward Island suffered the worst loss of small business jobs at 13% followed by British Columbia (12%), Alberta (11%), Québec (9%), Saskatchewan and Newfoundland & Labrador (8%), Ontario and Nova Scotia (7%), Manitoba (6%) and New Brunswick (4%)..Statistics said in 2020 the pandemic likely impacted the number of businesses starting up and closing. “However, since the most recently available data on business creation and destruction are for the year 2018 these impacts are beyond the scope of this report.”.Matthew Horwood is the Parliamentary Bureau Chief at the Western Standard
More than 75% of small and medium-sized businesses in Canada applied for pandemic subsidies, the Department of Industry said Tuesday..“With an approval rate of 98%, nearly all small and medium enterprises that requested government financing had their requests approved regardless of their size,”.said a Survey On Financing And Growth Of Small And Medium Enterprises..Blacklock’s Reporter said virtually every operator who requested government aid got it, the data showed..“The smallest (one to four employees) and the largest enterprises (100 to 499 employees) were less likely to request government financing,” wrote staff. “The average amount of government financing increased with firm size.”.The data showed federal financing averaged $69,614 per business applicant nationwide. Aid to the smallest companies averaged $46,262, while government financing for larger employers averaged $648,798. The findings were based on questionnaires with 19,283 companies across Canada..According to the survey, 33% of small and medium enterprises closed temporarily over the course of the year for an average of 12 weeks. “Smaller firms in public-facing industries, such as accommodation and food service and other service sectors, were more likely to close temporarily due to the pandemic.”.To date, there have been no federal figures to quantify permanent closures and job losses among small businesses. The industry department in a report last December 23 calculated the sector temporarily saw 740,800 jobs vanish from a total payroll of 7.7 million..“In 2020 the Covid-19 pandemic posed significant challenges,” said the earlier report Key Small Business Statistics 2021. “The net employment change among small business was minus 740,800,” a decline of 9%.Among Canadian provinces, Prince Edward Island suffered the worst loss of small business jobs at 13% followed by British Columbia (12%), Alberta (11%), Québec (9%), Saskatchewan and Newfoundland & Labrador (8%), Ontario and Nova Scotia (7%), Manitoba (6%) and New Brunswick (4%)..Statistics said in 2020 the pandemic likely impacted the number of businesses starting up and closing. “However, since the most recently available data on business creation and destruction are for the year 2018 these impacts are beyond the scope of this report.”.Matthew Horwood is the Parliamentary Bureau Chief at the Western Standard
