April 8, 2020

“Tens of thousands” of Canadian SMEs could go under without faster government help, innovation and business groups warn

The federal government needs to expand its emergency wage subsidy program, suspend R&D tax credit audits and get money out the door faster, or many thousands of SMEs – from “Main Street” service businesses to scaling tech firms – will go under, say innovation and business group executives.

“I can’t imagine there being any fewer than tens of thousands of businesses that permanently close their doors by the end of this COVID-19 crisis,” Dan Kelly, president of the Canadian Federation of Independent Business (CFIB), told Research Money.