Owning and running a small business isn’t for the faint of hard even on the best of days, let alone during a global health and economical crisis ripe with uncertainty and intermittent, inconsistent government mandated closures around every corner.

Whether it’s an independent coffee shop that provides a place of gathering for a community or a clothing shop that gives up-and-coming designers a chance to launch their lines, the small businesses that make up the fabric of our neighborhoods are an essential part of our local, national, and even our global economic well-being. Now, they need help. 

SMALL BUSINESSES HAVE BEEN DISPROPORTIONATELY AFFECTED BY THE COVID-19 PANDEMIC

Canadian small businesses have been disproportionately affected by the economic downturns resulting from the COVID-19 pandemic. Small businesses, particularly in the service industry, like local restaurants and salons, were more likely than big box retailers to see their revenue plummet by more than 40% this year. They were also more likely to have to lay off employees and to have their request for payment deferrals rejected. 

To add salt on the word of systemc economic disparities, female and visible minority business owners have suffered the worst of this downturn.  Black-owned businesses in the United States were hit especially hard while Latinx and Asian businesses also experienced substantial losses. 

UNCERTAINTY IS PLAGUING BOTH BUSINESSES AND CONSUMERS THIS HOLIDAY SEASON

Now, with the uncertainty and miscommunication around the rules of closures and lockdown this holiday season, the financial strain and stress of the future of these small businesses is coming to a boiling point. 

And, as bad as this is for small business owners and the local economy, the negative effects are also affecting consumers. More than half of respondents from a study conducted by PwC reported job loss or reduced hours during the pandemic.  For those who haven’t seen a change to their employment status, there remains the looming fear that it might be coming. Understandably, many are tightening their purse strings this year.

WHY SUPPORTING SMALL BUSINESS MATTERS 

It is more important than ever to carefully consider where we are going to spend each and every dollar, not just over the holiday season, but through the many months that will follow this crisis, during what will undoubtedly be a slow re-build. 

Here are just a few reasons, not that you need convincing, of why small businesses not just need your support, but deserve it.