Small Business Fears Closure From Second COVID Wave

Nearly a third (31 per cent) of small- and medium-sized business owners or decision makers in Canada worry they won't have the capital to make it through a second wave of COVID-19 if the economy craters, says research by KPMG in Canada. Over half (54 per cent) concede their focus right now is on survival. Nearly 40 per cent worry they won't recover from the economic fallout of the pandemic, says the research, and almost one in four (23 per cent) regret not selling their business sooner. Nearly an equal number (24 per cent) are looking to sell due to the higher costs and increased challenges associated with managing and protecting their employees during the pandemic. However, 29 per cent view the pandemic as an opportunity to grow their business either organically or through acquisitions and 30 per cent say they are either much or somewhat better off than their competitors.