More than 200K small businesses could close permanently amid pandemic, CFIB says “We were put in a situation we had to take the money,” he says. “Our sales were cut in half, sometimes more.
And if the market doesn’t come back right away, you know, then businesses won’t be able to repay those loans.”It’s a fear shared by economists and the Canadian Federation of Independent Business, which has put together a list of recommendations for the federal government that include re-working and expanding existing programs and offering businesses debt forgiveness.
CFIB CEO Dan Kelly says Canadian businesses, just like Riverhead Brewery, have taken on an average of over $100,000 in debt.“That debt is going to be an anchor,” says Kelly.