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.
