A new CIBC study finds that the majority of Canadian small business owners say COVID-19 has negatively impacted their operations.
And 85 per cent agree that the uncertainty of how long COVID-19 measures will last is the hardest aspect to manage.
Of those surveyed, 29 per cent said they've dipped into savings, 25 per cent have laid off staff and 15 per cent have applied for more credit.
Almost a third of the respondents said they've temporarily shut down.
But despite those responses, 76 per cent of those surveyed by CIBC said they will rebound after the pandemic.
"It's clear that entrepreneurs still believe in their opportunity to grow over the longer term, but are facing significant issues right now that are leading some to question if they can sustain their business long enough to move into recovery mode," said Laura Dottori-Attanasio, senior executive vice-president and group head, personal and business banking, CIBC. "Seeking the right guidance and advice can help businesses restructure their finances to weather the current circumstances, and plan for the future as the situation evolves."
