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Small firms face extra debt burden from pandemic


Small firms face extra debt burden from pandemic

A survey by Sage has found that SMEs are likely to exit the pandemic with an additional average debt burden of around £173,000. The survey, of more than 1,000 small firms, found that around half have taken out a pandemic-related loan, with almost a third of those surveyed unsure as to how they will be able to clear their debts. SMEs have seen revenues fall by an average of more than 20% over the current lockdown, exacerbating a 41% drop in 2020, leaving more than 70% backing an extension of the VAT cut to provide “breathing space” and prevent mass unemployment.


Read more: City AM

 


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