Fineman CPA Group logo

Fineman CPA Group

 

The Village Shoppes

95 Washington Street, Suite 203

Canton, MA 02021

Phone: 781-821-2727

 

Email: bob@finemancpa.com

Website: www.finemanCPA.com

September 2023

Business Takes On Financial Challenges

Business Takes On Financial Challenges-2

Prior 12 Months
(% of employer firms with financial challenges)


Raised prices the business charges - 56%
Used personal funds - 53%
Used cash reserves - 53%
Obtained funds that must be repaid - 42%
Cut staff, hours, and/or downsized operations - 32%
Made a late payment or did not pay - 23%
Obtained funds that do not have to be repaid - 18%
No action - 5%


Source: 2023 Report on Employer Firms: Findings from the 2022 Small Business Credit Survey


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