New research suggests the debt burden of Canadian small businesses continues to mount. The CFIB estimates small businesses owe a total of $139 billion, up from $135 billion in February.
The findings came from two separate polls. They found that seventy-six per cent of business owners polled said it may take them at least one year to repay their debts. Eighty-seven per cent of business owners in the hospitality sector said it may take at least two years, and one-in-four expressed concern they may never be able to clear their coronavirus-induced debt.
The first survey was conducted in early August and included nearly 2,900 business owners. The second survey polled between May 5 and May 31 and included more than 5,300 business owners.
The CFIB estimates about 39 per cent of small businesses in Canada are back up to normal sales levels, and is urging governments to implement provincial “stay open” strategies, to avoid lockdowns, and to extend the repayment term for the Canada Emergency Business Account loan (Small Business).
ARTICLE: TAMMY FISHBACK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: THE STAR
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