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

B.C. announces regional cancer treatment centre to be included in new Surrey hospital

Services expected to include treatment, supportive care, research, education, innovative technologies

Fraser Health warns of possible COVID-19 exposure at Surrey hookah lounge

Health authority says exposure dates are July 31 to Aug. 2

Politicians want Surrey’s Civic Distinction Awards done ‘virtually,’ not postponed

City staff recommended they be put off to the fall of 2021 because of the pandemic

Illegal suite a concern for Cloverdale man

Despite a City-issued stop-work order, construction continues

Two new recycling trucks on the way for White Rock

Council approves higher cost to reduce operations yard problems

B.C. would not send students back to school if there was ‘overwhelming risk’: Horgan

Plan has left many parents across the province worried about their children’s safety

2016 kidnapping, extortion by Hells Angels member related to Hope cannabis grow ops

Various Hope area grow ops connected to distribution network in Edmonton, court documents detail

Masks to be mandatory on BC Transit, TransLink starting Aug. 24

Both BC Transit and TransLink made the announcement in separate press releases on Thursday

Penticton homes evacuated due to wildfire northwest of city

Emergency vehicles are at the scene near Sage Mesa, evacuation centre set up in Penticton

Building at Mission summer camp destroyed in fire, RCMP say arson suspected

Khalsa Centre summer camp was closed due to COVID-19, 17 staff were present on site

Drinking in two city parks to be allowed by Chilliwack council

Crossing and Vedder Park both designated for pilot project that encourages responsible drinking

British Columbians worried as end of COVID-19 rental supplement looms

Single mom struggles as supplement was her saving grace

Six-foot blood python missing in downtown Chilliwack

Owner is worried and reports the snake ‘more loving and gentle than a lil’ kitten’

Arson suspected in several wildfires lit near Kootenay town

RCMP making progress in arson investigation of Marsh Creek fires

Most Read