One in Seven Canadian Small Businesses Is Now at Risk of Closing

Even as provinces move forward with phased reopening plans, 14% of Canadian small businesses are at risk of permanently closing, according to a new report, Bloomberg News reported. About one in seven small- and medium-sized companies surveyed at the end of June by the Canadian Federation of Independent Business said they are at least somewhat considering bankruptcy or winding down operations as a result of Covid-19. That would represent about 158,000 businesses in addition to the ones that have already closed, CFIB said. Recent indicators suggest Canada is recovering, but economists warn the country is still headed for a long and painful climb out of the the deepest downturn since the Great Depression. Read more