Nearly one-in-five small business owners are preparing to permanently close under the pressure of pandemic-related debts, lagging revenue, and mounting costs, according to a poll from the Canadian Federation of Independent Business (CFIB).
In a recent survey of its members, the CFIB found that 54 percent of small businesses are still reporting below-normal revenues and 62 percent are carrying unpaid debt taken on during the pandemic—which averages $158,000—according to the latest available estimates.
When respondents were asked if they agreed with the statement “We are actively considering bankruptcy or winding down our business,” 17 percent gave an affirmative answer.
“Small firms are in for a rough recovery, but governments can step in and help by taking concrete measures,” CFIB President Dan Kelly said in a statement issued on Aug. 18. “Governments need to decide whether they will make the problem worse by raising taxes or take immediate actions to keep many businesses from disappearing for good.”…