Late Payments Strain WA Small Businesses in Pandemic
Late payments are adding to the financial strain on West Australian small businesses from the COVID-19 pandemic, a report has found.
The Bankwest Curtin Economic Centre report found more than a third of small businesses reported revenue losses last year.
But optimism is considerably higher for 2021, with roughly the same number of firms expecting revenue to increase as the state’s economic recovery continues.
BCEC director Alan Duncan says almost a quarter of small businesses had reported receiving payments from larger firms that were at least 30 days late, placing additional stress on owners and restricting their ability to operate.