Statistics Canada will release its survey on the impact of COVID-19 on businesses in Canada on July 14, 2020. (Photo by THE CANADIAN PRESS)

One in five businesses face tough choices if COVID-19 lasts more than six months

Surevey results come as many businesses are looking at government programs or credit to remain afloat

A survey by Statistics Canada suggests that almost one in five businesses will look to further staffing cuts, bankruptcy or closing their doors if present COVID-19 conditions last for six months or more.

According to the survey released on Tuesday, 19.3 per cent of businesses could operate at their current level of sales and spending for less than six months but would have to take additional action if it lasts for a longer duration. Nearly 35 per cent of hotels and restaurants only have the runway for six more months of lockdown measures, says the survey conducted May 29 to July 3.

The results come as many businesses are looking at government programs or credit to remain afloat.

Almost 64 per cent of survey respondents said they were approved for outside credit or government funding programs such as Canada Emergency Business Account loans or wage subsidies. Less than 24 per cent of businesses said in the survey that their rent or mortgage payments were deferred during the pandemic.

While working from home has increased during the pandemic, only about a quarter of survey respondents indicated they would likely offer teleworking as an option going forward after COVID-19 spread is contained.

The version released on Tuesday was a follow-up to a crowd-sourced questionnaire on the Statistics Canada website, a collaboration launched in April, with the Canadian Chamber of Commerce, that surveyed 12,600 businesses. The sample was not designed to reflect the overall Canadian economy.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Summit in Cranbrook focuses on economic resiliency post COVID-19

Cranbrook, Kimberley, Canal Flats mayors discuss strategies to strengthen regional economy

Feds fund $2M for habitat conservation in the Kootenays

Kootenay Connect to use funding for habitat conservation to protect four areas in the region

Mark St. and Wallinger Ave. is Kimberley’s worst intersection for collisions: ICBC

The Insurance Corporation of British Columbia supplies a lot of interesting information,… Continue reading

Incident near St. Mary’s Bridge involves deceased person: RCMP

Rails 2 Trails was closed for eight hours near the bridge on Monday as emergency crews responded

Love in the time of COVID

Marriage Commissioner, couples, weigh in on getting married during a pandemic

Airlines dispute Dr. Henry’s claim they ‘very rarely’ give accurate COVID contact tracing info

Air Canada, WestJet say they provide names and contact information

Airborne hot dog strikes Greater Victoria pedestrian

Police called to 4200-block of Quadra Street for hot dog incident

B.C. scientist, 63, protests in trees set to be removed for Trans Mountain pipeline

Tim Takaro is reaching new heights as he tries to stall the pipeline expansion project in New Westminster

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Dinosaurs revived for animatronic auction in Langley

More than 500 robot dinosaurs, fossils, and exhibition gear are going on the block Aug. 6

B.C. paramedics responded to a record-breaking 2,700 overdose calls in July

Province pledges $10.5 million for expansion of overdose prevention response

Canada signs deals with Pfizer, Moderna to get doses of COVID-19 vaccines

Earlier in July both Pfizer and Moderna reported positive results from smaller trials

Canucks tame Minnesota Wild 4-3 to even NHL qualifying series

J.T. Miller leads Vancouver with goal and an assist

Cyclist in hospital after being hit by load of lumber hanging from truck on B.C. highway

A man is in hospital with broken ribs, punctured lung and a broken clavicle and scapula

Most Read