Speaking to Global News’ Mercedes Stephenson on Monday following the fiscal update from Canadian Finance Minister Chrystia Freeland, Trevin Stratton, the chief economist at the Canadian Chamber of Commerce said the picture is “very bleak” for many businesses in the sectors hardest-hit by COVID-19.

Stratton said while many businesses have been able to adapt, certain businesses that are “looking at a pretty grim winter.” He said supports offered by the government are appreciated to small businesses, as well as changes to the rent subsidy, but said it will still be a tough few months for many businesses.

“For restaurants, they have very small margins, so even if they have reduced capacity they might even be able to make a profit,” he said, providing an example of the hardships businesses are facing.

Stratton said there are still a number of questions that arise following the unveiling of the fiscal plan, including how the deficit will be impacted moving forward.

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