One In Three Small Businesses In Quebec Say They'll Run Out Of Cash By The Summer

One-third of small and medium-sized businesses in Quebec — 34% — say they will run out of cash before this summer, according to a recent survey by the Canadian Federation of Independent Business (CFIB).

Of them, 15% say they'll run out of essential funds needed to cover their company's daily expenses within the next one to three months.

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16%  Say their business is not doing as well compared to the first wave

As well, two in five Quebec business owners — 37% of survey respondents — say their business was already in trouble before new economic restrictions were implemented.

Asked how the Quebec government could best help small and medium-sized businesses through the next phase of the pandemic, 61% of respondents say it should further reduce the paperwork and administrative burdens of accessing support.

Sixty percent of respondents say the Quebec government could offer programs that rely on grants, rather than loans.

The CFIB has also launched an online petition asking the Quebec government for additional support, such as more time to repay emergency loans.

"To get through the crisis, businesses will need better support and flexibility from the government," it reads.

"Ministers Éric Girard and Pierre Fitzgibbon: Quebec's SMEs need you! They are still facing real economic challenges related to COVID-19."

The Federation surveyed 1,077 Quebec business owners, all members of the CFIB, between November 20 and December 11, 2020.