According to a May 2021 survey by the Canadian Federation of Business (CFIB), only 39% of small businesses in Canada are currently making the sales they consider normal. CFIB also estimates that total Canadian small business debt related to COVID-19 sits at $139 billion. With ongoing pandemic restrictions and slow economic activity, will these small businesses recover? On today’s podcast, Ted Michalos and Doug Hoyes give practical advice for how a small business struggling with debt can do a self-test to ensure they are viable and when it may be time to consider professional debt solutions. They also discuss the impacts government subsidies have had on the economy and whether or not it’s a good idea to continue government financial support for small business. Tune in for a great discussion!

 

 

Related Links:

 

Small Business Debt: The COVID-19 Impact: https://content.cfib-fcei.ca/sites/default/files/2021-08/Small-Business-Debt-The-COVID-19-Impact.pdf

The new challenges facing Canada’s small businesses: https://thoughtleadership.rbc.com/the-new-challenges-facing-canadas-small-businesses/

Keeping Your Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

Top 5 Bankruptcy Issues for Small Business Owners: https://www.hoyes.com/blog/top-5-bankruptcy-issues-for-small-business-owners-and-self-employed/