Small Businesses Still Suffering From Pandemic

The current state of small business is, sadly, on a decline in many industries, largely because of growing inflation, a still-broken supply chain, an ongoing labour shortage, and rising rents, says a poll of small business owners by Alignable. Its ‘April Road To Recovery Report’ shows only 27 per cent of small businesses have fully recovered at this point. This figure represents a two per cent decline from last month and a 16 per cent drop from December 2021. Even worse, 39 per cent of SMBs report that they only have one month or less of cash reserves ‒ a 10 per cent jump over last month and a new high for SMBs' cash crisis, over at least the past seven months. With increasing cases of variant BA.2 spreading across North America, 70 per cent of Canadian small business owners are concerned this latest COVID wave could further stall their recoveries (in the U.S., that statistic is only 59 per cent).