Leslie and David have owned a successful restaurant for almost 20 years. But, as for everyone, COVID-19 has caused them uncertainty and stress. Safety protocols have added to their costs, and seating and capacity restrictions have shrunk their revenue. Their insurance provider refuses to renew their policy, and each new quote is 400 per cent higher than the one before.
After a two-year onslaught of challenges, they now have an impossible decision to make: sink further into debt or declare bankruptcy. Not only will they lose their business; their personal assets and financial security are on the line — with possibly catastrophic consequences.The pandemic has taken a heavy toll on Canadian small-business owners, especially restaurants like Leslie and David’s. In August 2021,that, for the first time since May 2020, more businesses closed than opened.
It’s crucial that Canada develop graceful exit strategies for business owners. Entrepreneurs are in short supply, and we need them as part of a sustained economic recovery.