The Canadian Federation of Independent Business estimates that a total of $117 billion of new debt has been loaded onto small businesses as a result of the COVID-19 pandemic.
A sign on a shop window indicates the store is closed in Ottawa, on March 23, 2020. that a total of $117 billion of new debt has been loaded onto small businesses as a result of the COVID-19 pandemic.
About 2,100 of the survey's 4,502 respondents agreed to reveal how much debt they'd incurred due to COVID-19.On average, the small businesses that provided information for the CFIB survey had $135,000 in debt for a total of nearly $285.4 million.
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