Small businesses in Canada could receive a $3 billion boost if five underfunded workers’ compensation boards (WCBs) across the country rebated their excess funds, according to the latest research snapshot by the Canadian Federation of Independent Business (CFIB).
“Workers’ compensation boards are holding onto billions in extra money, while over half of small businesses (60 percent) are still carrying their pandemic-related debt, at an average of $126,000. Getting excess WCB money back to small businesses would be game-changing,” said Marvin Cruz, CFIB director of research, in a July 20 news release.
“Businesses could reinvest the funds or use them to keep up with inflation, maintain jobs or pay down their pandemic-related debt.”…