Emergency loan offerings are an understandable response to revenue loss, but because Canadian businesses and households came into this recession with record indebtedness and low cash savings, more loans are not the fix that many hope. Any savings most did have has been price-indiscriminately tossed into risky corporate securities that have not recovered fully despite the tech-stock-driven rebound over the last nine months. As the downturn continues, more asset holders need to sell in order to raise cash.
Banks are responding to shaky balance sheets in the usual way: reducing credit offerings and looking to direct their excess cash to shareholders.
Small businesses are the entrepreneurial blood that drives the domestic economy and jobs. The weight of their loss will linger.
Ontario will go into lockdown on Boxing Day in an effort to bring soaring COVID-19 cases under control, a move the province announced Monday after health advisers said thousands of infections could be avoided if tough restrictions were imposed earlier.
The lockdown will shutter all non-essential businesses, ban indoor gatherings, close restaurant dining rooms, and move school classes online for the first week of the new year. It also means Ontarians are advised to stay home as much as possible.
The restrictions will remain in place for southern Ontario until Jan. 23, but will lift for northern Ontario – where there are fewer cases – on Jan. 9.Here is a direct video link.
