Certainly I think the extension of the payback period was welcome, but I think the government should look at—and perhaps you could look at—those highly affected sectors, particularly in terms of how to alleviate some of that sitting debt for these companies that were hardest hit. For the last quarter of 2021, Statistics Canada noted an increase in insolvencies. Quite frankly, our small and medium-sized businesses are pressed right to the limit, particularly in the sectors that are very much customer-facing like hospitality and tourism. We all know what's been happening there.
I think anything the government can do, such as waiving of interest or granting some forgiveness, should be looked at, because small and medium-sized businesses, as we all know, are where the growth comes from. We heard many speakers today talk about the percentage of their members who are small and medium-sized businesses. That should come as no surprise because growth in our country is driven largely by small and medium-sized enterprises.
That said, I think there's something to be said about the larger anchor enterprises that bring business to those small firms. I don't think you can look at the SME community in isolation. I think you also need to look at those policies that incite investment in Canada as well and that ultimately lead to opportunities for small businesses.