Small businesses are Canada’s job creation engine, accounting for more than 80% of new jobs in this country. Collectively, they are responsible for roughly half of our GDP growth. When they are healthy and strong, the country is growing, and when they catch cold, Canada is laid up.
What’s less understood is what happens when small businesses catch something more serious. While there has been much conversation about the personal and economic effects of “long COVID” on the health of Canadians, it is time to discuss the massive impact financial long COVID has had on Canadian businesses. It’s an ailment that could have serious long-term implications for Canada’s economic recovery.
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