A Fifth of Canada’s Small Businesses Face Closure: Business Federation

[Epoch-Times-Bot]

A Fifth of Canada's Small Businesses Face Closure: Business Federation

A majority of small businesses in Canada have not rebounded to pre-pandemic levels, a Senate national finance committee heard yesterday.
"Only half of small businesses are back to normal sales from pre-pandemic levels," testified Dan Kelly, CEO of the Canadian Federation of Independent Business (CFIB), according to Blacklocks Reporter.
"Two thirds of small Canadian firms are still facing additional COVID debt, debt they didn't have before the pandemic," said Kelly. "On average that's now $110,000 in additional debt."
Ultimately, he said, "Seventeen percent of small businesses—almost one in five—are at risk of permanent closure due to the damage they have taken on over the course of the last couple of years.” Kelly’s assessment was based on a survey of CFIB’s 95,000 members....

Source: A Fifth of Canada's Small Businesses Face Closure: Business Federation

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