Summerside chamber of commerce looking for more support for small businesses

SUMMERSIDE, P.E.I. - The Greater Summerside Chamber of Commerce is calling on the provincial government to consider adding more support for small businesses impacted by COVID-19.

When speaking with the provincial department of finance during budget consultations on Feb. 4, chamber executive director Tara Maddix said the economic cycle through the pandemic has been especially difficult for small business owners.

“The impacts of COVID and regulatory responses of unannounced suspension of commerce, government employees working from home, displacement of workforce labour and recent challenges for the agricultural industry have made business forecasting a near-term impossibility,” said Maddix in a release. “Now more than ever, the government's three-year financial plan to 2023-2024 is an essential stability to business.

However, Maddix added that more than 75 per cent of chamber members were pleased with the provincial government’s handling of the pandemic. The chamber also recognized the provincial government’s October 2021 decision to reduce the small business corporate income tax rate from two per cent to one per cent.

The additional increase in the personal exemption and low-income thresholds has also appropriately increased discretionary spending, the chamber said. Moving forward, chamber members said the province should consider creating further access to recovery funding, support to hire and retain employees, marketing directives and e-commerce.

The chamber also said businesses are looking for greater assurance that the government's current projected recovery spending is on track and that there will be no additional taxes imposed on the community.

The chamber said 43 per cent of its members are anticipating an increase in revenue over the coming fiscal year. However, 60 per cent of members believe the recovery will take anywhere between seven to 60 months.