Small Business Debt: The COVID-19 Impact

Second Assessment - August 2021

Key Points

• So far, the pandemic has taken its toll on 71% of Canadian small businesses that have taken on debt to cope with the impacts of COVID-19.
• CFIB’s latest estimate for total Canadian small business debt related to COVID-19 sits at $139 billion, with 76% of businesses that took on debt saying it will take them longer than a year to repay.
• Governments must enhance and continue business relief measures. Event with many restrictions lifted, thousands of businesses carry a big financial burden and are facing a difficult road to recovery.

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