120,000 Small Businesses ‘Disappeared’ Due to Pandemic Lockdowns: Federal Data

Published on February 14, 2024

The closure of more than 120,000 small and medium-sized businesses can be directly linked to the COVID-19 pandemic lockdowns of 2020, according to a newly released government report. A Department of Industry report revealed that 120,344 businesses “disappeared” during that time and the overall “rate of business creation sharply declined… to reach a record low of 3.8 percent in 2020.” “This is a decrease of two percentage points compared with the year 2019,” said the report Key Small Business Statistics, which was first obtained by Blacklock’s Reporter. The report counted 1,216,550 businesses across Canada in 2023 compared to 1,226,454 in 2020, but said the number of permanent business closures was partly offset by new startups....

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