Toronto, November 1, 2022 - The Canadian Federation of Independent Business (CFIB) will be available to comment on the federal government’s Fall Economic Statement on November 3 on behalf of Canada’s small- and medium-sized businesses.
Small businesses are continuing to feel uncertain about the future — half (56%) are yet to return to their normal levels of revenue, according to CFIB’s Small Business Recovery Dashboard. Small firms are still carrying an average of $144,000 of pandemic debt amid rising interest rates and inflationary pressures.
CFIB is urging the government to avoid implementing policies that would further burden small businesses and will be looking for the following measures in the 2022 Fall Economic Statement:
On Canada Emergency Business Account (CEBA) loans:
- Ensure all CEBA loan recipients who received it in good faith but are now deemed ineligible can still keep the forgivable portion if they repay the loan by the end of 2023
- Allow ineligible businesses to appeal the decision and present evidence of their qualifications for the loan
- Increase the forgivable portion of all CEBA loans to at least 50%
- Extend the repayment deadline of the CEBA loan for an additional year to December 2024
On keeping the cost of doing business from further increasing:
- Freeze planned tax hikes, including the upcoming 2023 increase in CPP, EI, carbon and liquor taxation until inflation is under control or bring back the Small Business Job Credit, which served to reduce a small employer’s EI contributions on approximately the first $600,000 in payroll
- Delaying, by at least three years, the phase-out of the Accelerated Capital Cost Allowances measures and making permanent immediate expensing measures to encourage more businesses to invest in their operations
On credit card fees:
- Deliver on the government’s commitments at the 2019 election, and 2021 and 2022 budgets to lower credit card processing fees
CFIB President Dan Kelly, Senior Vice-President of National Affairs Corinne Pohlmann and Vice-President of National Affairs Jasmin Guénette will be available in Ottawa to comment on the Fall Economic Statement on November 3.
For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB
647-464-2814
public.affairs@cfib.ca
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.
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