4 tips for small business owners to pay off their pandemic debt
After more than a year of navigating COVID-19 lockdowns, warrants and protocols, small business owners are starting to see a light at the end of the tunnel. But the debt that many needed to deal with the pandemic still casts a worrying shadow.
In 2020, 79% of small business employers (up to 499 employees) reported having unpaid debt, up from 71% in 2019, according to a February 2021 report from the Federal Reserve Bank. Of the companies that applied for funding, 58% said they did so to cover operating expenses such as rent and payroll, up from 43% in 2019.